APT Network (3 Points)
28 July 2022Hi, we need to ship a consignment from India to an abroad location but the billing address is in India only.
Can anyone suggest what all documents we required in such a case?
CS M Pota
(Company Secreatary)
(3186 Points)
Replied 20 August 2022
This is ok but in which currency the export proceeds will come to India? Indian or Foreign?
APT Network
(3 Points)
Replied 22 August 2022
Payment would be made in INR in India itself by our Indian Client which is sending goods to Sri Lanka for his employees working there.
CS M Pota
(Company Secreatary)
(3186 Points)
Replied 22 August 2022
As per PARA 2.52(a) of FTP- Denomination of Export Contracts (a) All export contracts and invoices shall be denominated either in freely convertible currency or Indian rupees but export proceeds shall be realized in freely convertible currency.
Para 2.52(b) of FTP-Except specific export under which export realisation can be in INR but , provided it is through a freely convertible Vostro account of a non resident bank situated in any country other than a member country of Asian Clearing Union (ACU) or Nepal or Bhutan.
If your case is not falling in 2.52(b) it is not possible to have export realisation in INR that too from India.
There are some other way out.
CAclubindia
