If Indian company receives inward remittance from foreign entity every 2 months...
Is it require to arrange KYC from remitter bank for each remittance :
There is any such provisions called : - if remitter is same... KYC is not required - if the remittance happens within a period of 6 months from the date of first remittance...
If there is any such circular.. please share
Please revert at the earliest..
Thanks
Swati
ALL CATEGORIES OF FOREIGN EXCHANGE EARNERS ARE ALLOWED CREDIT UP TO 100% OF THEIR FOREIGN EXCHANGE EARNINGS TO THEIR EEFC ACCOUNT.
FOR MORE INFORMATION :-
foreign investment in india is governed by sub section (3) of section 6 of FEMA CT, 1999. Read with notification No.Fema 20/2000 RB DT. 03.05.200.
ANOTHER IMPORTNT LINK IS :-
https://www.ptcinfo.org/eurogiro/MasterCircularRbiRemits09.pdf
ANOTHER IMPORTNT LINK IS :-
https://www.ptcinfo.org/eurogiro/MasterCircularRbiRemits09.pdf
| Originally posted by : C.S. Swati | ||
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If Indian company receives inward remittance from foreign entity every 2 months... Is it require to arrange KYC from remitter bank for each remittance : There is any such provisions called : - if remitter is same... KYC is not required - if the remittance happens within a period of 6 months from the date of first remittance... If there is any such circular.. please share Please revert at the earliest.. Thanks Swati |
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if remittence is there , then there must be some business transaction between company and remitter, that contract / invoice will detail the business transaction , and in course of business no such hard compliance for KYC.
CAclubindia
