Non refundable Advances against exports
This query is : Resolved
15 July 2022
In case of Pvt Ltd Co.,Our client have received certain Advances in foreign currency & converted the same in Indian Currency in our books against export of Goods to overseas Buyers.However such export orders have been cancelled & accordingly forfeit the same & considered our income.
Now the query is can we do that, if yes, do we need to inform RBI about the same and is there any procedure for it..?
Now the query is can we do that, if yes, do we need to inform RBI about the same and is there any procedure for it..?
15 July 2022
Yes, you can do it no need to inform RBI.
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