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Fema
my client is a company and providing service and received dollar from google , near by $ 6000 is received every year whether any fema provision is applicable to them?
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Foreign Exchange Management (Realisation, repatriation and surrender
of foreign exchange) Regulations, 2015:
Period for surrender of realised foreign exchange:-
A person not being an individual resident in India shall sell the realised foreign exchange to an
authorised person under clause (a) of sub-regulation (1) of regulation 4, within the period
specified below:-
1. foreign exchange due or accrued as remuneration for services rendered, whether in or
outside India, or in settlement of any lawful obligation, or an income on assets held
outside India, or as inheritance, settlement or gift, within seven days from the date of its
receipt;
2. in all other cases within a period of ninety days from the date of its receipt.
A person not being an individual resident in India shall sell the realised foreign exchange to an
authorised person under clause (a) of sub-regulation (1) of regulation 4, within the period
specified below:-
1. foreign exchange due or accrued as remuneration for services rendered, whether in or
outside India, or in settlement of any lawful obligation, or an income on assets held
outside India, or as inheritance, settlement or gift, within seven days from the date of its
receipt;
2. in all other cases within a period of ninety days from the date of its receipt.
Period for surrender of received/ realised/ unspent/ unused foreign exchange by
Resident individuals.-
A Person being an individual resident in India shall surrender the
received/realised/unspent/unused foreign exchange whether in the form of currency notes,
coins and travellers cheques, etc. to an authorised person within a period of 180 days from the
date of such receipt/realisation/purchase/acquisition or date of his return to India, as the case
may be.
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