Duty draw back on short remittance of export proceeds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 September 2015
Dear Sir,
I have exported goods to a customer, who has rejected the goods and sold in the same country to another customer. The second customer accepted and remitted the foreign currency after deducting a claim of 24.95% and remitted only 75.05%.
In this case, whether I have to surrender the proportionate portion of Duty Draw Back to Customs for the short realisation.
Kindly advise with relevent notifications please.
Best Regards
I have exported goods to a customer, who has rejected the goods and sold in the same country to another customer. The second customer accepted and remitted the foreign currency after deducting a claim of 24.95% and remitted only 75.05%.
In this case, whether I have to surrender the proportionate portion of Duty Draw Back to Customs for the short realisation.
Kindly advise with relevent notifications please.
Best Regards
07 September 2015
Approval of the Reserve Bank of India is not required if, after goods have been shipped, they are to be transferred to a new buyer in the event of default by
the original buyer, provided the reduction in value, involved does not exceed 25 per cent of the invoice
value.
You must surrender the excess dbk to the custom.
the original buyer, provided the reduction in value, involved does not exceed 25 per cent of the invoice
value.
You must surrender the excess dbk to the custom.
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 September 2015
Thanks a lot for your kind reply.
Best Regards
Best Regards
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