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