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Q to Indians: Is there a limit for how much i can spend each year?

Discussion in 'Payment Processing' started by evolveforever, Jul 9, 2011.

  1. #1
    I use paypal to pay all my writers. Usually spend about 2000 to 3000 USD per month for the writing assignments. I was wondering if RBI has set a limit for how much i can spend USD-wise. Know what i mean guys? It's called outward remittance, i guess but am not sure. Anyway, if any of you has knowledge about this, it will be great if you share here.

    if it matters, i have paid all my taxes and that is not a problem at all.

    Thanks.
    SEMrush
     
    evolveforever, Jul 9, 2011 IP
    SEMrush
  2. Mike.Pandey

    Mike.Pandey Peon

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    #2

    yups but it's rarely NOTICED as it's CROSS-CHECKED only when they CATCH u doing smthing wrong. BTW..it's 5000$ earlier it was 4200$.
     
    Mike.Pandey, Jul 11, 2011 IP
  3. Rramtiwari

    Rramtiwari Peon

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    #3
    FEMA is draconian law in India. Are you aware of?
     
    Rramtiwari, Jul 13, 2011 IP
  4. sachin410

    sachin410 Illustrious Member

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    #4
    There is no limit on business expenses. You can spend a billion dollars if your business needs it.

    Business expenses are not "remittances".

    Paying taxes is not enough, make sure all you papers are in place and that you are properly classifying your transactions.

    You should be asking these questions to a CA or a qualified tax consultant. With the kind of turnover you have, I am sure you can afford to hire one. :).
     
    sachin410, Jul 13, 2011 IP