Shipping bill and payments are in different currencies

This query is : Resolved

Mohan Singh (Querist)
Follow

29 December 2012 Dear Sir,

Against our first export it happened that our invoice and shipping bill was raised in USD while the customer transferred the payment in Euros. Now the bank denies to issue BRC.

What is the solution.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
Follow

29 December 2012 In order to facilitate transactions / settlements, effective January 01, 2009, participants in the Asian Clearing Union will have the option to settle their transactions either in ACU Dollar or in ACU Euro. Accordingly, the Asian Monetary Unit (AMU) shall be denominated as 'ACU Dollar' and 'ACU Euro' which shall be equivalent in value to one US Dollar and one Euro, respectively.

FURTHER INFO: login

http://rbidocs.rbi.org.in/rdocs/notification/PDFs/14ME010212FS.pdf