FEMA

ashokanannd (Querist) 05 August 2009 This query is : Resolved
An advance from foreign company has been received in India against export of service.But the service has not been rendered within a period of one year.

what is the implication under FEMA and penalty if any?

Can the advance be treated as ECB.

Grateful, if you could respond citing the section no. or notification no./ circular no.

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Gulshan Tanwar (Expert) 14 January 2011
No one answered the query, pity!!! I am not having time these days will be back to LCI after 18th and then only can answer the same.

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