"Exchanging foreign currency for domestic currency or the other way around has always been a factor requiring documentation, authorisation, and comprehension of relevant legal restrictions."
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Both foreign inward and outgoing remittances are included under the umbrella phrase “foreign remittance.” However, foreign inward remittance entails less formalities in comparison, while foreign outward remittance requires more legal requirements.
When it comes to sending money abroad, there are separate sets of regulations for people and non-people.
The legislation governing foreign exchange transactions is the Foreign Exchange Management Act, 1999, which is administered by RBI.
There are two different types of transactions:
Transactions on a current: account are all authorised, barring any restrictions.
All capital account transactions: are prohibited unless specifically approved.
Besides When a person sends money outside of national borders, a liberalised remittance scheme is also in force. A total of US$250000 can be transferred annually without the RBI’s clearance. For non-individual categories, such as businesses, firms, etc., this option is not possible.
Additionally, it takes some time to validate the transaction for foreign inbound transfer using the Foreign Inward Remittance Certificate.
We can assist you with the upcoming;
- Submission of Form 15CA and 15CB
- Concerning FIRC
- RBI authorization for the approved transaction
- FEMA Warning
In this area, services are comparable to;
System Design & Implementation for Accounting
Advisory Accounting Standard/IFRS