Foreign remittance

sudarshan jain (Querist) 23 November 2011 This query is : Resolved
We have an agreement with an Indian company say X (Registered under Indian company act, 1956).

Nature of agreement: Design, supply and installation of Cargo Handling System.
It is fully automatic system for movement of cargo under warehouse.

Now as per agreement with X we have to made an payment of their Germany nostro a/c.

As per my knowledge some payment are allowed such as infrastructure project but airport are excluded.

Further I don’t know exactly under which act it is falls.

So pl tell me I’m correct/not. Also tell me under which rule/section /notification /circular of RBI/other Act it is mentioned.

My observation is we can’t made payment in X foreign account and X also agreed with us.

Kindly do needful ASAP.

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Raj Kumar Makkad (Expert) 24 November 2011
Foreign Exchange Regulation Act (FERA).

sudarshan jain (Querist) 25 November 2011
thanks sir,
would you please tell me under which section or circular etc it comes.

Guest (Expert) 25 November 2011
FERA is now FEMA (Foreign Exchange Management Act 1999).

prabhakar singh (Expert) 26 November 2011
yes,this is true.

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