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Raj Bhuvar (Owner)     04 March 2014

What is a govt rules to received a payment in current a/c

Hello Everyone,

 

 

 

 

I am doing a online business of india ethnic garment...i have a two types client most and i have some doubt on my mind reg. how to saw that payment in my current account statement while my  account go for a auditing as my turn over is enough good for a auditing...

 

(1) one from india, who don’t have any registered business but purchase product from me and sale with in his society or friend group and make a cash payment to my company current account (some time payment are in 50000 to 90000 but most of time its below 35000) - so here my doubt is how much cash i can received in my bank per year..If i received much amount per year than also my current account are able to pass in auditing..Or if i get much payment as cash is create many problem in auditing.

 

 

 

(2) Another client from abroad who don’t have any business registration or import licenses there but they send a payment to us via western union or foreign third part exchange to our current bank account - now my doubt is if i received a payment via western union or third party foreign exchange to my current account from abroad than it ok or create a any problem while auditing...also if anyone know the rules of receiving payment from abroad in to current account share with me..it will be a great help...Thnx!!!

 

 

 

 

 

 




Learning

 3 Replies

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 )     06 March 2014

Current Account is primarily meant for businessmen, firms, companies, public enterprises etc. that have numerous daily banking transactions. Current Accounts are cheque operated accounts meant neither for the purpose of earning interest nor for the purpose of savings but only for convenience of business hence they are non-interest bearing accounts. In a Current Account, a customer can deposit any amount of money any number of times. He can also withdraw any amount as many times as he wants, as long as he has funds to his credit. Generally, a higher minimum balance as compared to Savings Account is required to be maintained in Current account. 

Raj Bhuvar (Owner)     07 March 2014

Thanks for comment Mr. Ramachary,

If u have any idea reg. my doubt let share here..it will help me a lot...Thnx!!

adv.bharat @ PUNE (Lawyer)     26 May 2016

Sir plz refer Foreign exchange management act and Forreign exchange regulation act will provide infomation.

Cosult ur CA for the same.

THanks


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