Declaration
This is to acknowledge that I/We (FLYREMIT DEMO AGENT) and Flyremit Pvt. Ltd. have entered into an arrangement for INR Collection of funds for onward remittance to the respective overseas Beneficiary as indicated by us under the Liberalized Remittance Scheme (LRS) as per the Reserve Bank Of India Master Direction - Liberalized Remittance Scheme (LRS) (Updated as on June 20, 2018).
I/We (FLYREMIT DEMO AGENT) is/are engaged in Overseas Tour Arrangement (selling the overseas tour program package to its customers) and will be paying Flyremit Pvt. Ltd. (for onward settlements to the respective overseas Beneficiaries) under LRS for our customers and its subsequent reporting to RBI.
"Overseas tour program package" means any tour package which offers visit to a country or countries or territory or territories outside India and includes expenses for travel or hotel stay or boarding or lodging or any other expenditure of similar nature or in relation thereto.
Flyremit Pvt. Ltd. through its Authorized dealer as per the Foreign Exchange Management Act, 1999, will support in the remittances of the funds outside India and report the transactions under LRS to the Reserve Bank of India in respect of the customers of the FLYREMIT DEMO AGENT.
In this regard, FLYREMIT DEMO AGENT hereby declares that all the compliances [including but not limited to collecting taxes, depositing the same in the treasury of the Government of India, filing returns, etc.] pertaining to Tax Collection at Source (TCS) as per Section 206C of the Income-tax Act, 1961(Act) in respect of the aforesaid arrangement will be the responsibility of FLYREMIT DEMO AGENT.
Flyremit Pvt. Ltd. and its Authorized dealer, will not act in the capacity of agent or representative of FLYREMIT DEMO AGENT and in no way be liable to comply with the TCS provisions under Chapter XVII – Collection and recovery of tax of the Act, with respect to the above. Where Flyremit Pvt. Ltd. through its Bankers, being an Authorized dealer is made liable at any time for collection of tax at source under section 206C of the Act where FLYREMIT DEMO AGENT has not compliedwith, in respect of the above, FLYREMIT DEMO AGENT will reimburse/ indemnify any such taxes (including applicable interest and penalties).
For FLYREMIT DEMO AGENT