BB124 (efgh) (35 Points)
16 May 2012
Friends, I have a FEMA query. If a foreign citizen works in India and goes back after his work permit ends, can he take the money he earned in India back with him ? What are the FEMA regulations with respect to this ? What forms etc does he have to fill ?
Fauzia Afsar
(Partner)
(280 Points)
Replied 17 May 2012
A foreign citizen can take back the money he has earned in India provided Income Tax has bben deducted on that income.If he is a Salried employee, at the the time of departure from India he has to submit a undertaking from the employer to the effect that tax payable by employee shall be paid by the employer
.On the basis of the said undertaking, income tax authority will grant a No Objection Certificate to leave India.
CA. Anuj Gupta
(Practices in NRI Int.Tax FEMA TP FDI/FIPB & FCRA)
(7024 Points)
Replied 18 May 2012
There is no need to obtain "No Objection Certificate to leave India." Just need to ensure and prove to BANK that all the due taxes have been paid.
Anuj
femaquery @ gmail.com
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