Hi All,
I wanted to check if we can receive payments for Export of Goods in Indian Rupees.
Thanks in advance,
Sujit
Vaibhav Agrawal
(MD)
(58 Points)
Replied 07 June 2009
Dear Sujit,
We have done it one, and you can also receive export payment in Indian Rupees. However take care that your buyer banker's correspondent bank in India , who will receive funds in Indian Rupees in India, will only be able to issue a FIRC (Foreign Inward Remittance Certificate), which is needed as proof of export. If you plan to send documents through bank, check with your bankers about it.
Rajesh Kumar
(Advocate- Tax)
(7806 Points)
Replied 08 June 2009
Vaibhav is right. Under Customs Act, export means sending goods outside India. Whether export proceeds are received in Foreign Exchange or not is not relevant.
However, under Foreign Exchange Mangement Act, you have to receive the export proceeds. Therefore, before exporting, you can approach your bank, take waiver of GR and export.
Amol Gopal Kabra (CA,CS,DISA)
(Practicing CA)
(8539 Points)
Replied 10 June 2009
it is not necessary to receive the exports proceeds in Foreign Currency only. They can also be received in INR.
sreekumar
(Accountant)
(33 Points)
Replied 13 April 2012
Hi,
We are a SEZ unit, would like to know whether we can have export income coming in Rupee?
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