Global Tax Guru: Before i conclude my writing on foreign remittance some more things to be remember

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Wednesday, September 12, 2007

Before i conclude my writing on foreign remittance some more things to be remember

First you have to produce evidence of import to your bank that particular transaction is related to import purchase,second, you need not to use any form before your bank for amount not exceeding USD500 is used towards import payment. I think most of transaction through post are covered in the above range.
Evidence of import is must in case foreign remittance is more than USD 100,000 or its equivalent.
In case of EXPORT, no GR or PP declaration is required for amount not exceeding USD 25,000 or its equivalent. Export of goods not involving any involving any foreign remittance directly or indirectly, requires waiver of GR/PP procedure from Reserve Bank of India.The Export of goods by way of Gift is permissible up to five lakhs per year.
Hence you should be in touch with your bank and visit RBI websites and if you feel you can contact me for discussion.
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