One of my friends wants his book to be published by a foreign publisher. In case the foreign publisher agrees to publish it, it will be circulated in other countries as well as in India. He will receive his royalty in foreign currency. He wants to know whether he needs to obtain RBI approval before entering into a publishing contract with the publisher or comply with any other FEMA regulation. Kindly provide your views. Thanks in advance.
Your friend does not need to obtain RBI approval before entering into a publishing contract with a foreign publisher. However, he must comply with FEMA regulations regarding the receipt of foreign currency. The royalties received in foreign currency should be reported to the authorized dealer bank, and the necessary documentation should be maintained to ensure compliance with FEMA guidelines. Consulting a legal expert for specific advice is recommended.
