Legal Question in Business Law in India

Dear Sir

What are laws governing exports of goods and services and receipt and payment of foreign exchange?

Qtn 1) I receive an advance amount in US Dollars from outside India for supply of item A.

Do I have to necessarily send the item A by courier / air freight / ship freight or is it possible that I can carry the item in person with me when travelling to the buyers country.

Qtn 2) If suppose I do not receive any amount in advance and I visit a foreign country and supply some goods or consultancy. Can I collect my consultancy charges in cash from the company / person I supply the goods/ services or if I will have to ask them to send me the relevant amount thru banking channels only.

QTN 3)Are there any reports /returns to be submitted to any authority in terms of total imports or exports made during a year by an individual or a company. If to whom and in what frequency?

Qtn. 4 ) Suppose I buy foreign exchange for a trip abroad and do not spend all the amount. CAN i KEEP THE UNSPENT AMOUNT with myself or do i have to return that back to the bank. If I can keep the unspent amount of USD WITH ME THEN How much value of foreign exchange can be kept by any person with him.

Thanks and regards

Rakesh


Asked on 6/13/11, 2:47 am

2 Answers from Attorneys

Dear rakesh,

Your activity has to be looked into under the light of Excise Laws and Service tax laws under export provisions.

if you are exporting the goods and services abroad then certain compliances needs to be maintained.

You should consult an Indirect taxation adviser for the above purpose who shall direct you in a right manner.

For your information we provide consultancy in Customs, Excise, Service TAx matters along with other commercial issues. if desired you can contact us for the above.

regards

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Answered on 6/14/11, 12:06 am
Sanjay Kalra Sanjay Kalra & Associates

Your question is confusing as you are talking about the export of services and goods in the same breath. Your case would fall under FEMA and has nothing to do with excise laws.

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Answered on 6/16/11, 10:18 am


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