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Advance against export

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25 August 2018 We are having One Star Export House status & exporting wooden furniture to the various buyers abroad. We were exporting the goods to a buyer in France on running order basis, which went into LIQUIDATION at France in the year 2013 . Approx. $7000 is lying with us as advance payment against export order but due to liquidation of the Co. & cancellation of further orders ,we are unable to adjust the amount against export order. We want to forfeit the amount for the reasons of liquidation of the Co. & cancellation of the order. Whether we can book this amount as other income without prior approval of Authorised Dealer (Bank) & RBI . If, yes whether we will have to inform RBI regarding facts of the case.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
25 August 2018 Yes inform RBI. Account it under other income.
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