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Foreign Exchange Management Act (FEMA)


6. Export of Services

FERA had no provision for export of services. Now, FEMA has included payment received by an Exporter of Services in its ambit.

Every Exporter, who receives payment from outside India, for his services rendered is obliged to furnish details of payment to the 'Reserve Bank.

For example; a Doctor, or Engineer or Lawyer or Accountant or any other professional may give opinions or consultation to people outside India, via internet or mail, and his fees may be credited to his credit account. Then he is obliged to furnish details of such payment to Reserve Bank.



Foreign Exchange Management Act (FEMA) Back




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