Sir/Madam,
If repatriation of export proceeds on business auxiliary services is not made within the time limit then what are the consequences??
If interest and penalty is charged then on what amount it is to be calculated & how?
Thank You in Advance
Shweta Punmia (CA) (190 Points)
19 January 2012Sir/Madam,
If repatriation of export proceeds on business auxiliary services is not made within the time limit then what are the consequences??
If interest and penalty is charged then on what amount it is to be calculated & how?
Thank You in Advance
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 19 January 2012
https://www.rbi.org.in/scriptts/ECMUserView.aspx?Id=30&CatID=10#Time6a_7
read
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Time limit for Realisation of Export Proceeds |
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6A.7 |
In terms of Rule 8 of the Foreign Exchange Regulation Rules, 1974, as amended, the |
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amount representing the full export value of goods exported must be realised by an exporter on the due date for payment or within six months from the date of shipment, whichever is earlier. In respect of exports made to Indian-owned Warehouses abroad established with the permission of the Reserve Bank, a maximum period of 15 months is allowed for realisation of export proceeds. As regards consignment exports to CIS countries and East European countries, see Note C under paragraph 6C.8(ii). |
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 19 January 2012
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