ADVICE ON INCOMING FUNDS FOR CIVIL PROJECTS
RAVIKUMAR M PILLAY
(Querist) 28 March 2008
This query is : Resolved
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
Rajesh Kumar
(Expert) 28 March 2008
It is not known as the status of your friend- is he foreigner or NRI. It is also not known as whether he will be interested in taking shares in the proposed company or being a partner.
Once these things are known, proper advice can be given.
Nevertheless, if it an informal transaction, like he is giving you a interest free loan on personal relationaship or support or remittance to a friend, no permission etc. is required. All that is required is that money should come to you through banking channel.
RAVIKUMAR M PILLAY
(Querist) 28 March 2008
He is an NRI . He will be the partner of the company and will be taking up shares in the proposed venture . The transaction is strictly formal and ...The money shall come through banking channels only ...
