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Advance received from customers in forex and refunded

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(Querist)
12 June 2014 Company has during the year received 20lac $ as advance against supply of material and refunded the same 20Lac $ during the year due to cancellation of order.exchange fluctuation cost has been reimbursed by customer.

My question whether to show this in notes of account as forex inflow outflow.
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PRADEEP KUMAR VATS

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PRADEEP KUMAR VATS (Expert)
14 June 2014 Hi pramod

I my opinion , you are not required to show the same.

Because Para 5(Viii) of part II of revised schedule VI says :

Value of Imports on CIF basis should be disclosed in respect of raw material ,spare & Component & capital goods.

It covers some issue like,
- Buying commission will be included(Para 9.13 of ICAI statement)
- Interest will be excluded(Para 9.15 of ICAI statement)
- Goods in transit will be considered
- Composite bill of material to be delivered in installment.

Apart from supra , I have not read other things so in my opinion No need to show the same.

Regards
Pradeep Kumar
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