Receiving money by Westen Union?

[vbangs]

Can a Individual in India receive money by western union...if the sender is not an individual,but an offshore company?


There is something called FEMA isn't it?


Thanks.`

 

[rkbehera1]

If somebody receive money in local currency through Western Union from offshore companies,there is nothing harm in it.So as far as I know, FEMA(Foreign Exchange Management Act) is not involved here.But,if the amount you receive is more ,it will come under IT Act of India.Western Union money Transfer has received legal status by RBI(Reserve Bank of India).

 

[andrew25]

Through my experience while doing business with India it is okay to send money below INR 50,000 in a single transaction and for money beyond that you need to get proper income tax details and to furnish necessary information.

 

[AstralEclipse]

Doesn't Western Union need to have offices in whatever countries you are sending money to?


I heard something like that a while ago, but I have never figured out how truthful it is or not. Anyone else heard this same thing?

 

[SysOp]

Well many of the European countries are covered by Western Union or at least they are handled by the local post office there.

 

[uplana]

In India also there are several post offices handling activites of Western union money transfer. I am not sure about furnishing or necessity of income tax information above 50000 INR because I haven't used this facility before.