We import fuel oil form UAE. till now import invoices were in USD and payments were also in USD. Can we get import invoices in INR andif yes, can we make payment also to party in UAE in INR? Please let me know is this possible. What are the legal and practical issues involved?
3 Replies
CA R SEETHARAMAN
(CA Practice )
(145994 Points)
Replied 16 August 2014
If the oil company exporting oil agrees to invoice it in INR and agrees to get payment in INR we can make payment in INR. This is possible. We are making payments for imports from Russia in INR as agreed to.
Sandeep Bhandari
(Dy. Finance Manager)
(34 Points)
Replied 16 August 2014
Thanks you sir for your prompt response to my query. Request you to advise the relevant provisions or notification under which this is allowed. Also please state whether INR payment for import is being made to foreign bank account of overseas exporter or Non-resident account of overseas exporter maintained with a bank in India.
CA R SEETHARAMAN
(CA Practice )
(145994 Points)
Replied 16 August 2014
Iran has agreed to take payments for oil it sells to India entirely in rupees after US and western sanctions blocked all other payment routes.
India has been, since July 2011, paying in euros to clear 55 per cent of its purchases of Iranian oil through Ankara- based Halkbank. The remaining 45 per cent due amount was remitted in rupees in accounts Iranian oil company opened in Kolkata-based Uco Bank.
The above information will clear you doubts.
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