TaxTMI 
TaxTMI 
TaxTMI 
benificiary remitance
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....enificiary remitance<br> Query (Issue) Started By: - RAMDEO KAKRA Dated:- 29-9-2010 Last Reply Date:- 30-11-2010 FEMA<br>Got 2 Replies<br>FEMA<br>A RESIDENT INDIAN MADE BY FOREIGN NATIOAL AS BENEFICI....
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....ARY IN A BANK ACCOUNT AND AFTER HIS DEMISE THE BANKER OF FOREIGN NATIONAL WISHES TO TRANSFER THE FUND, AND COMPLETE HIS LEGAL OBLIGATION. NOW WHATS THE OBLIGATION OF RESIDENT INDIAN AND WHATS THE PROC....
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....EDURE TO MAINTAIN THIS REMITANCE IF COME TO RESIDENT FOREIGN CURRENCY DOMESTIC ACCOUNT OF RESIDENT INDIAN. IS THIS CORRECT OR OTHERWISE WHATS PROVISION OF FEMA AND TAXATION ATTRACT AND PROCEDURE TO BE....
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.... FOLLOWED. Reply By Surender Gupta: The Reply: As per the provisions of FOREIGN EXCHANGE MANAGEMENT (FOREIGN CURRENCY ACCOUNTS BY A PERSON RESIDENT IN INDIA) REGULATIONS, 2000, a person being residen....
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....t in India can not hold foreign currency account except the situations permitted in these regulations. Further, please go to the section 6 of the FEMA, which permits holding of foreign exchange acqui....
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....red in lieu of inheritance. Reply By RAMDEO KAKRA: The Reply: THANKS MR.GUPTA HOWEVER PL. NOTE THAT A RESIDENT HAVE RIGHT TO OPEN DOMESTIC A/C IN FOREIGN CURRENCY. I RECD.PROFESSIONAL FEE IN US DOL....
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....LER AND WITH THAT AMOUNT I OPENED IT THIS A/C WITH MY HDFC BANK.<br> Discussion Forum - Knowledge Sharing ....