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export proceeds

Import / Export 152 views 1 replies
for receipt of export remittance pre or post sale and export or import sales which rate has to be considered is it RBI rate or customs rate.

explain with relevant clause and section
Replies (1)
Customs rate. You can refer the shipping bill which specifies the rate as well as INR value.

On receipt of the amount, difference is booked as Foreign exachange gain / loss in the profit and loss account.


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