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Query Related to FEMA

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CA Navin Jain

MANAGER (FINANCE & ACCOUNTS)

11768 Points Posted on 22 February 2010

Dear All

Mr. A has been exported goods from India to USA

As per Export of Goods & Services Regulation 2000,If value of exported goods is more than 25000(USD) then Declaration in Form PP is Requried.

My Question is

1. Whether Exemption of 25000(USD) is per invoice or for the financial year?

2. If value of Exported goods is Less Than 25000 USD then which form to be requried for Declaration?

Please give the responce as soon as earlier.

Warm Regards

CA Navin Jain

Replies (1)

my normal business is transferring the cash INR from one station to another station in india. say i am a courior. i have sent say Rs. 20 lacs from Delhi to Mumbai , one indian resident gives me money at Delhi and I paid him at Mumbai. later on it was found that Mr. A who has given me money was transferring money on behlaf on NRI. i have received notice from fema department that you have violated sec. 3(c) of FEMA. My stand is that I am acting on behalf of Indian resident, therefore there is no violation at all. please guide with the help of case laws.

Rajendra Jindal CA

MY EMAIL is rkjindalin @ yahoo.co.in