Please explain payment in foreign convertible currency
Ankush (Student) (1369 Points)
06 June 2020
what does it mean and how can we check for the same?
5 Replies
KRISSHNAN KP
(4215 Points)
Replied 06 June 2020
It means the which currency is acceptable in general
Padmanabhan
(Student)
(1321 Points)
Replied 06 June 2020
The currency in which you get payment for services exported must be freely convertible in India.
Ankush
(Student)
(1369 Points)
Replied 06 June 2020
If we get payment directly into bank account then how is it determined
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 07 June 2020
Convertible currency, or freely convertible currency, is a currency that doesn't have any government restrictions on currency exchange
Recent Topics
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
- ITC reversal in GST 3B
- Claim if ITC on stocks 19-2020 conversion from com
- Urgent doubt on GST
- Profit or Loss on Sale of Assets Accounting treatm
Related Threads
CAclubindia
