banner_ad

Export Credit note not Accepted by Bank

This query is : Resolved 

11 October 2021 Dear Sir,
Our Firm is in Manufacturing industries and also Do Export Overseas.
As per Export Rules, we have to submit Documents to Bank after Export within 21 days.
One of Our Export customer has return full value of goods citing inferior quality.
Now my querry is, we had 5 Export Transaction with that Customer amounting to 6000 usd of which they had paid us for 4 Invoice amount. Now when we submit documents at Bank then Bank does not Considered Credit Note of rejected materials stating that it exceeds 10% of amount realised.
Does bank reject the Credit note if it Exceeds 10% of Invoice Value.
Plz Provide some valid reasons in case of Rejection of Export Material and Credit Note that need to be submitted to Bank for Closing Export Transaction.

12 October 2021 Credit note in such a case can be accepted by banks.
10% limit is for write off of export debts.


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro

Similar Resolved Queries


loading


Unanswered Queries



CCI Pro
Meet our CAclubindia PRO Members

Follow us
add to google news



Answer Query



Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details