What is the implication of FEMA 1999, on one transaction stated below.
Ex : if Mr.X is a Non-Resident Indian who has brought US Dollars 1000 while coming to india along with him and after arriving in India he exchanged the same with Mr.Y who is also a Non-Resident Indian for Equivalent Indian Rupees in India.
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FEMA IMPLICATIONS ON FOREIGN EXCHANGE TRANSACTION BETWEEN NRI'S
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There will be no implication of FEMA as the Money is converting from NRI to the NRI ,consequently no fees or taxes are levying .so No FEMA implication .
There will be no implication of FEMA as the Money is converting from NRI to the NRI ,consequently no fees or taxes are levying .so No FEMA implication .
Sir, Please clarify whether "section 3 of FEMA 1999 - Dealing in Foreing Exchange", is applicable to the above said transaction.
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