A 100% EOU registered under STPI scheme has received some foreign exchange from one of their old clients by mistake. The foreign company was sending money to their present client in India but by mistake they credited the amount to the bank account of 100% EOU. The 100% EOU does not have any business transaction with the Foreign company at present and there for not in a possition to adjust this amount as sales proceedings or as Advance Received. Hence the 100% EOU wants to return the money back to the Foreing company.
Could any one tell me what are the proceduars for this? Is there any FEMA /FERA regulation for this? Shold the 100% EOU collect an appoval from STPI or Central Excise Departments?
CAclubindia
