sunny jaggi
24 September 2010 at 12:46
Dear Sir/Madam
We are a UK based company We are registered, authorised and regulated by Financial Services Authority in UK and also registered with her Majesty's department of customs and excise.
We run a money transfer business helping people transfer and remit money to various countries in the world.We would like to start inward remittances into India initially.
I will try to explain the system of money remittance that we follow.
A customer does a transaction in UK on our website and we debit their bank account. We then do all the KYC checks. In that process we carry out all other checks to identify the person as well as the source of the funds for Anti-Money Laundering purposes.We then take those funds to a trading floor and convert them to Rupees and this all happens on a trading floor in UK.
The Rupees will then be remitted to the Indian bank account of our company from our UK Rupee account
This is called a SWIFT payment.
Then the Indian company account will only used to further disperse the money into the recipients account. The Indian Bank account does not do anything more.
We do not have the agent system as we will not be handing out cash to any recipients.
We are conducting this business in various countries and have not required any licence to just remit money into a country. It is only when we start taking deposits that we then need to obtain a licence in those countries.
Can you please advice as to just to have an account which will only receive and then further disperse funds do we need a licence from the RBI? Can you also please advice as to what all licences we will need if any required. I am sorry to approach you directly as we have been getting very conflicting advices from various sources in India.
Can you also please be very kind as to what other licences do we need if we want to start remitting money out of India as well i.e. taking deposits in India.
I await your reply very eagerly as so far all the advice we have received has been very confusing.
We are getting so much conflicting information that we are confused on this matter.
Any law firms who have any experience in such matters may also contact us.
Please advice.
Thanks and Regards,
Sunny Jaggi
9417139797
Anonymous
23 September 2010 at 20:18
What is the difference between registered and unregistered partnership deed
shital
23 September 2010 at 11:46
what all formalities need to be complied while converting sole proprietory firm into partnership firm
yeteendra naidu
21 September 2010 at 20:20
even if the pensioner is a defaulter of a bank loan, balance in the pension account will be having contributions of amounts belonging to both the joint account holders, in such a case can the account be blocked if any one of them is a defaulter ?
yeteendra naidu
21 September 2010 at 12:56
is there any law which prevents a pensioner's joint savings account with spouse being attached by a court or blocked by a bank ? if so please quote the section of the law.
if it can be blocked under which section and for what reasons ?
Anonymous
19 September 2010 at 15:00
suit for realisation of money based on a dishonoured cheque.defendant proposed a probable case in a higher degree.want citations supportings defence case.with regard to rebutting the presumption sec.118-evidence act.
Arun I
19 September 2010 at 01:03
Dear sir/Madam,
Can you tell me what if i dont reply to the lawywer notice and what are consequences i may face.please explain!
Anonymous
18 September 2010 at 15:22
Please guide me about the forclosure charges made by the bank on its customers. Whether it can be legally challenged or not? If yes, then on what basis. Is there any case law on this issue?
Anonymous
17 September 2010 at 14:34
Sir,
Under the common law of India can there be any restriction for Number of occurences for claiming the Insurance.
Please advise
Mugundhan
17 September 2010 at 12:52
Dear Experts, whether a law firm should be compulsorily a partnership of 2 or more lawyers or an individual lawyer can start a law firm like a proprietorship concern? Thank You.
RBI Licence
Dear Sir/Madam
We are a UK based company We are registered, authorised and regulated by Financial Services Authority in UK and also registered with her Majesty's department of customs and excise.
We run a money transfer business helping people transfer and remit money to various countries in the world.We would like to start inward remittances into India initially.
I will try to explain the system of money remittance that we follow.
A customer does a transaction in UK on our website and we debit their bank account. We then do all the KYC checks. In that process we carry out all other checks to identify the person as well as the source of the funds for Anti-Money Laundering purposes.We then take those funds to a trading floor and convert them to Rupees and this all happens on a trading floor in UK.
The Rupees will then be remitted to the Indian bank account of our company from our UK Rupee account
This is called a SWIFT payment.
Then the Indian company account will only used to further disperse the money into the recipients account. The Indian Bank account does not do anything more.
We do not have the agent system as we will not be handing out cash to any recipients.
We are conducting this business in various countries and have not required any licence to just remit money into a country. It is only when we start taking deposits that we then need to obtain a licence in those countries.
Can you please advice as to just to have an account which will only receive and then further disperse funds do we need a licence from the RBI? Can you also please advice as to what all licences we will need if any required. I am sorry to approach you directly as we have been getting very conflicting advices from various sources in India.
Can you also please be very kind as to what other licences do we need if we want to start remitting money out of India as well i.e. taking deposits in India.
I await your reply very eagerly as so far all the advice we have received has been very confusing.
We are getting so much conflicting information that we are confused on this matter.
Any law firms who have any experience in such matters may also contact us.
Please advice.
Thanks and Regards,
Sunny Jaggi
9417139797