On Mon, Mar 14, 2011 at 5:25 PM, Ramdas S <ramdaz@gmail.com> wrote:
On Mon, Mar 14, 2011 at 5:06 PM, Sreekanth S Rameshaiah <sree@mahiti.org> wrote:
On 14 March 2011 16:59, Anand Chitipothu <anandology@gmail.com> wrote:
2011/3/14 Sreekanth S Rameshaiah <sree@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.
Can we stick to solutions that work in letter and spirit please ? Dhananjay -- ----------------------------------------------------------------------------------- http://blog.dhananjaynene.com twitter: @dnene