Dear Members / Experts
Unlisted Public Company - in the Real Estate & Construction business.
A NRI Customer has issued a Foreign Bank Cheque of USD 75000, ( Indian Currency of Rs.45 Lakhs approx) towards Advance Booking of 2 Flats with the company.
As the amount is towards advance for booking flats,and the cheque shall be deposited with the Banks, kindly advice what immediate steps do we need to take with respect to FEMA Compliances?
A Detailed procedure would be very helpful.
Kindly advice at the earliest.
regards
Santosh Shah
CAclubindia
