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one of client has made export of goods to U.K. U.K party is making payment to us via Singapore and the same is sent in cash mode. definitely we can't receive export receivable in cash. what will be consequences if we receive in cash from Singapore. is that 100% illegal to Receive in cash or any legal mode for different situations.
Replies (3)
Quick Summary
As per FEMA any remittance in ANY FORM for export should be received in India Through proper Banking Channel.So here is no scope for remittance in CASH.
What will be consequences if receive in Indian currency?
Your question earlier was to receive in CASH this means received in cash may or may not be in INR,Now you are asking for receiving in INR .
Please clear what is your exact question.
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