04-30-2010, 04:42 PM
Suppose a non resident person made investment without opening Sp Rupee Account in Pakistan & he has no bank account in Pakistan. As per Forex Manual, the non resident person (if not opened Sp Rupees Account )can not take back the money of his investment.
In the instant case, non resident instructs to AMC to make a cheque on the name of his friend in Pakistan.
His friend can easily remitt the money of non resident which is not allowed under FERA.
Regards,
*
In the instant case, non resident instructs to AMC to make a cheque on the name of his friend in Pakistan.
His friend can easily remitt the money of non resident which is not allowed under FERA.
Regards,
*
