FEMA Export proceeds realisation
This query is : Resolved
19 January 2010
Dear Expert,
Would any one please clarify me on the following:
Is it compulsory under FEMA regulations to apply for extension of time for export proceeds realisation (after expiry of the initial time limit) or can we directly apply for writing of as Bad Debt (as the given time and the maximum extension period allowed i.e. 12 months is also expired and it is known that we can't realise the outstanding proceeds)
Please Reply
Would any one please clarify me on the following:
Is it compulsory under FEMA regulations to apply for extension of time for export proceeds realisation (after expiry of the initial time limit) or can we directly apply for writing of as Bad Debt (as the given time and the maximum extension period allowed i.e. 12 months is also expired and it is known that we can't realise the outstanding proceeds)
Please Reply
19 January 2010
Yes, under FEMA it is compulsory to get the relisation time extended if the relisation gets delayed. this can be done by making an application to the AD in specified form along with the copies of invoices whose realisation got delayed.
The Forex bad debts can be written off only after obtaining a clearance from the AD.
Venkat.
The Forex bad debts can be written off only after obtaining a clearance from the AD.
Venkat.
19 January 2010
Thanks
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