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
Replies (4)
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 .
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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