Legal Question in Banking Law in India

I am working abroad for past 20 years and nearing my retirement. I am doing consultation assistance to a Company in another Country (outside India) during my free time. I am offered a % if the Company wins projects. They plan to transfer money from their NRE ac in India to my NRE ac in India. Please advise whether this is allowed or does this be termed as Money laundering?


Asked on 6/09/16, 1:11 am

2 Answers from Attorneys
Dr Katta Venkata Rama Krishna Drkattavrk

1) Daily number of spam with similar offers are received. Be alert.

2) When once u give ur bank details, they will drain out ur balances fraudulently.

3) They use such a/cs for routing other fraudulent huge balances later they vanish u will be caught.

4) U may land in money laundering cases and violation of FEMA.

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Answered on 6/09/16, 1:41 am
Fca Prashant Chavan Expert Edge LLP

09.06.2016

Dear Sir / Madam,

If the Company that you are rendering consultancy is situated outside India, it is advisable and recommended that they remit your commission from their funds overseas to your Non Resident External (NRE) Account for income tax purposees.

Regards,

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Answered on 6/09/16, 2:03 am


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