SOMETHING ABOUT INWARD REMITTANCE

FIRC certificate must be in the name of AAA Corporation,

For this, provide the proof to bank that both entity is own by only one ownership thsn bank provide the FIRC Certificate in the name of AAA Corporation.

my question is we are manufacture of furniture in india (gurgaon). We are making some furniture for the person in Europe and he had send 9000 usd to our company account. we hv to supply furniture in gurgaon. It is Ok or is there any voilation of fema law. pls advz

Thanks nd rgds

Kamal Sachdeva

Hi.. Do let me know the difference between AD category I bank and AD bank

Hi,

I am about to get around 1000 usd every month from next month.

Is it compusary for me to get FIRC certificate?

Please also can you let me know what is the minimum amount for which FIRC is required cumpusarily.

Thanks

Vishal Ved

Hi Ankur,

Could you please help me understand if there is any prohibition on transfer of foriegn currency amounting to 10,000 INR by an individual of foreign nationality to an indivdual of Indian nationality?

My friend from europe has transferred this amount to me(indian) and my indian citibank account is saying that according to FEMA guidelines I can't recieve this amount and only a close relative can send me any money from abroad.

Could you please help me on this?

Thanks.

what purpose code to be mention for remittances received by NRI in his NRE a/c for payment of Housing loan EMI.

Also which purpose code to be mentioned when remittances received by NRI in his nRE a/c for his personal exps such as food/party exps, resort book, cloth purchase etc....

What is the procedure if the amount is received in Indian Rupees from a Customer.  Do we need to complete the procedure of FIRC?

Hi,

Very useful information. I know it is verly old post but in today's context I need few answers..

Can the services like xoom which transfers money to India comes under inward remittance. Actually I want to take loan from close friend of mine, not a relative,  who is NRI (USA). He said he can transfer amount via xoom portal in 3 parts (max limit of xoom transfer is 2 lakh INR). This would be interest free loan and I will return this to him in 4-5 month.

I have few questions
1. Does this violates any law? I researched on google something like FEMA.
2. What would be tax implication on me?
3. What kind of document I need to take from friend to proove that this is just a loan so that it does not come under income tax.
4. How would I return to him ? Do I need to return back his money in dollors?

Thanks
Ricky

Can we receive foreign  currancy bank draft against local sale?

Can someone take the foreign remittance against the local sales done in delhi.

i am getting commission from foreign company for my services in my indian savings account in india .

How that amount will be treated by tax authories and what are taxes i will have to pay on this

Why SBI is asking for CA Certificate. we have submitted invoice copy and FEMA declaration each time. They are also asking for Client Agreement. Which we submitted but now they are asking with seal stamp from client. We are exporting service and money is inward, coming to India. Can you answer this. Or SBI manager has no clue and with less information asking lot of things from us specially CA. She was working in good import/export and treating software service same way.