Suppose if we import goods of USD 10 Lac and paid USD 10 lac to Vendor. But later due to some quality issue we rejected this material and send back ( Re Exported ) to vendor then Vendor has provided us replacement of material of USD 8 lac and rest USD 2 lac paid by vendor to us .
Now we have received only Usd 2 Lac against re export of USD 10 lac. since replacement provided by vendor of USD 8 Lac in aspect of Material .
Please advise me does RBI allow to receive in kind consideration and also confirm to me for which amount bank will issue BRC to us against it re export.
CAclubindia
