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Re- fema compliance

SANTOSH SHAH (Company Secretary) (749 Points)

04 August 2014  

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

 

 

 

 


 1 Replies

CA R SEETHARAMAN (CA Practice ) (111917 Points)
Replied 05 August 2014

As the amount received from NRI customer you have to deposit the amout in a bank who are authorised dealer in foreign exchange. NRI's are allowed to buy property in India.


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