Finance, Forex and Investments

What are the rules to be followed by Indian travel agents in handling foreign exchange/foreign bookings?

I have just started a travel agency. (Small, no IATA). I do not know how to handle receiving & giving payments in forign exchange. How to handle money from 1)in-bound foreign client 2) outbound foreign client 3)outbound indian client 4) Inbound NRI Also, is it compulsory by law to charge a foreigner in foreign currency (& not in equivalent INR) A small write-up / recommendation of a small guideline book will be appreciated. On going help through email/ phone will be a blessing - Dr.R.Wadhwa New Delhi Ph:+919868010187 email: r_wadhwa@yahoo.com

Public Comments

1. My dear friend Wadhwa, The answers to questions is not that simple that a guide book or write up can help you out . The issue you are talking about is related to FERA guide lines issued and modified by RBI from time to time. Violation or non compliance of such guide lines is a matter which attracts severe punishment. And when you make some wrong interpretation and get into any trouble you certainly can not blame the write up or guide. So the best thing you can do is get in touch with a good Chartered Accountant. Retain him so that he can guide you as well as maintain your books of accounts. Good luck