RBI Relaxes Norms For Credit of Entire Salary in Foreign Accounts in Certain Cases !
January 18, 2010 by taxworry · Leave a Comment
The Reserve Bank of India relaxes norms for remittance of salary paid by a company in following cases
(i) A citizen of a foreign state, resident in India, being an employee of a foreign company or a citizen of India, employed by a foreign company outside India and in either case on deputation to the office /branch /subsidiary /joint venture in India of such foreign company may
open, hold and maintain a foreign currency account with a bank outside India and receive the whole salary payable to him for the services rendered to the office/branch/subsidiary/joint venture in India of such foreign company, by credit to such account, provided that income-tax chargeable under the Income-tax Act,1961 is paid on the entire salary as accrued in India. may open, hold and maintain a foreign currency account with a bank outside India and remit the whole salary received in India in Indian Rupees, to such account, for the services rendered to the Indian company, provided that income-tax chargeable under the Income-tax Act, 1961 is paid on the entire salary accrued in India. Entire circular can be read from here.
(ii) A citizen of a foreign state resident in India being in employment with a company incorporated in India
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