RAVIKUMAR M PILLAY (business) 28 March 2008

INCOMING FUNDS FOR BUSINESS

Dear friends ,

I have a friend in the UK and he wants to send me money for starting CIVIL construction project here in India .... Can anyone pls guide me as to what should be legal procedure including the RBI permission and the modus of doing this transaction . The money will not have to be remitted abroad and the repayment will be in indian Rs. only in India .

Can anyone pls guide me ..... my email is ravimpillay@gmail.com

regards

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2 Replies

Guest (n/a) 03 April 2008

You may please contact me at the given email

Guest (n/a) 04 April 2008

A person resident in India can open, hold and maintain with an authorized dealer in India, a Resident Foreign Currency (Domestic) Account, out of foreign exchange acquired in the form of currency notes, Bank notes and travellers cheques from any of the sources like, payment for services rendered abroad, as honorarium, gift, services rendered or in settlement of any lawful obligation from any person not resident in India.The account may also be credited with/opened out of foreign exchange earned like proceeds of export of goods and/or services, royalty, honorarium, etc., and/or gifts received from close relatives (as defined in the Companies Act) and repatriated to India through normal banking channels by resident individuals.