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..?
CAclubindia
