After five years of stay in USA, Mr. Amar came to India at his paternal place in New Delhi on October 25, 2022, for the purpose of conducting…
CA Intermediate · Corporate and Other Laws · MTP · May 2025
After five years of stay in USA, Mr. Amar came to India at his paternal place in New Delhi on October 25, 2022, for the purpose of conducting business with his two younger brothers Rajesh and Somesh and contributed a sum of 10,00,000 as his capital. Simultaneously, Mr. Amar also started a proprietary business of selling artistic brass ware, jewellery, etc. procured directly from the manufacturers based at Moradabad. Within a period of two months after his arrival from USA, Mr. Amar established a branch of his proprietary business at Minnesota, USA. You are required choose the appropriate option with respect to residential status of Mr. Amar and his branch for the financial year 2023-24 after considering the applicable provisions of the Foreign Exchange Management Act, 1999:
Suggested Answer and Working Notes:
Correct Answer: Option (C)
For the financial year 2023-24, Mr. Amar and his branch established at Minnesota, USA, are both persons resident in India.
Topics: The Foreign Exchange Management Act, 1999, Registration of Charges
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