Fema query - goods exported to be brought back

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 February 2012 Goods have been exported with the intention of sale. Some remittance has been received.

Now, the parties agree to cancel the export sale and retain the payments received as penalty for cancellation.

Under FEMA:
1) What are the implications for these remittances received?
2) What are the regulations on bringing such inventory back to India?

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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28 February 2012 Now you submit the proof of cancellation the shipment letter submit acknowledgement of custom & copy it acknowledgement submit in RBI.

regards,

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