Export in usd but payment in inr
This query is : Resolved
Arjun Kumar
(Querist)
03 December 2011
We make Export of product worth USD10000. We made Invoice in USD and got Duty Drawback.
But we received payment in INR. Our client said that He in his country bought USD and got it converted to INR.
Our Bank received payment worth INR420000.
Now what to right on BRC i.e. Whether Export is in Indian Rupee or Freely Convertible Currency.
Secondally, will it be considered as Export as we got payment in INR.
If not what should be done. Shall we return Drawback or other steps what can be taken.
But we received payment in INR. Our client said that He in his country bought USD and got it converted to INR.
Our Bank received payment worth INR420000.
Now what to right on BRC i.e. Whether Export is in Indian Rupee or Freely Convertible Currency.
Secondally, will it be considered as Export as we got payment in INR.
If not what should be done. Shall we return Drawback or other steps what can be taken.
Jagga Rao Malipeddi
(Expert)
04 December 2011
i) the export is in USD.
ii) Yes, it will be considered as export though you got payment in INR. Conversion can be taken place at the buyer's end or seller's end.
ii) Yes, it will be considered as export though you got payment in INR. Conversion can be taken place at the buyer's end or seller's end.
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