[Inpycon] Receiving funds from foreign sponsors

[Ramdas S]

On Mon, Mar 14, 2011 at 5:06 PM, Sreekanth S Rameshaiah <sree at mahiti.org>wrote:

>
>
> On 14 March 2011 16:59, Anand Chitipothu <anandology at gmail.com> wrote:
>
>> 2011/3/14 Sreekanth S Rameshaiah <sree at mahiti.org>:
>>
>> >>
>>
>> > If they can directly pay for any expenses related to the event, such as
>> > travel bill, foot the food bill or pay to supplier for goodies, that
>> will be
>> > great.
>>
>> I don't think that is possible. The suppliers should be in a position
>> to accept foreign currency, even if does and if there any enquiry, it
>> comes back to us.
>>
>> Any commercial entity/ agency should be able to accept foreign
> inward remittance. Law restricts non-profits from doing foreign currency
> transactions.
> Regards,
>
>
 I have spoken to my CA, and he has provided couple of loopholes, all we
need to do is show, the foreign entity as a collaborator, and take the bill
in name of a local company, and then raise an invoice back to the foreign
entity from the company.
 There would be the small element of 10.3% of service tax involved,  which
can be waived off under some clause, which has to be shown through some
paper work. I think this should not be a problem.



-- 
Ramdas S
+91 9342 583 065
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