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Question ID : 38079


Dear Sir, One of my client has got a contract for market research from US for this he will receive Rs 60 Lacs for a contract period of 4 Months. Sir i want to know do we have to take any registration or permission from RBI or any permission from other depatment

Posted by VIPIN GUPTA on Apr 04, 2019

Filed Under MISC.

Answer ID : 76460

If your client is an NGO then it has to get registered under FCRA if it is getting foreign contribution from USA.

Posted by CA. JHA SHANKAR KUMAR on Apr 04, 2019
Answer ID : 76461

Further, For every first time exporter, it is necessary to get registered with the DGFT (Director General of Foreign Trade), Ministry of Commerce, Government of India. DGFT provide exporter a unique IEC Number. IEC Number is a ten digits code required for the purpose of export as well as import. No exporter is allowed to export his good abroad without IEC number. However, if the goods are exported to Nepal, or to Myanmar through Indo-Myanmar boarder or to China through Gunji, Namgaya, Shipkila or Nathula ports then it is not necessary to obtain IEC number provided the CIF value of a single consignment does not exceed Indian amount of Rs. 25, 000 /-. Application for IEC number can be submitted to the nearest regional authority of DGFT. Application form which is known as "Aayaat Niryaat Form - ANF2A" can also be submitted online at the DGFT web-site: http://dgft.gov.in.

Posted by CA. JHA SHANKAR KUMAR on Apr 04, 2019
Answer ID : 76480

No , noting is required . Just approach your dealing bank and they will take care of everything . Just make sure about the tax part if any involved

Posted by CA. BISHT RAKESH on Apr 08, 2019