non realisation of export proceedings
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 May 2011
"X" exports goods under bond without payment of duty,but the export proceeds could not be realised and export proceedings amount write off in the books.
Now question is if the excise duty is require to be paid by "X" or not. Is there is any authority in this matter.
Now question is if the excise duty is require to be paid by "X" or not. Is there is any authority in this matter.
04 May 2011
if u have exported the goods :- either u have to submitt POE or deposit the duty
Ashok Asthana
(Expert)
04 May 2011
unrealised Export proceeds amount can be written off in books by a set procedure. Refer to RBI master circular on exports.
Bond is released on submission pf proof of export.
Release of bond and receipt of payment are two entirely different things and are not related to each other in any way. Non receipt of payment is under RBI purview.
Bond is released on submission pf proof of export.
Release of bond and receipt of payment are two entirely different things and are not related to each other in any way. Non receipt of payment is under RBI purview.
RAMESH KUMAR VERMA
(Expert)
04 May 2011
FOR MORE INFO:-
https://www.rbi.org.in/SCRIPTs/NotificationUser.aspx?Id=5113&Mode=0
https://www.rbi.org.in/SCRIPTs/NotificationUser.aspx?Id=5113&Mode=0
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