what is the difference between export date and shipment date for FEMA
and who is AD-1 ?
The difference between "export date" and "shipment date" in the context of FEMA (Foreign Exchange Management Act) is as follows:
-
Export Date: The export date refers to the date on which the shipment of goods leaves the port of the exporting country. It is the date on which the export process starts, and the exporter is entitled to receive payment for the shipment.
-
Shipment Date: The shipment date refers to the date on which the goods are actually shipped on board the exporting vessel. This is the date on which the exporter is required to provide the shipment documents to the buyer.
AD-1 is a reference to an Authorized Dealer 1 license holder under FEMA. Authorized Dealers (ADs) are financial institutions authorized by the Reserve Bank of India (RBI) to deal in foreign exchange transactions and perform various functions related to foreign exchange management. AD-1 license holders are authorized to undertake all transactions related to foreign exchange.
CAclubindia
