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goods purchased on high seas

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(Querist)
25 April 2009 When some imported goods are purchased on highseas basis, payment is made to the seller in INDIAN RUPEES,however goods are cleared in the buyer's name.
what will be treatment in notes to accounts particularly
1. whether to include in CIF value of imports
2. Whether to show the consumption as imported goods
3. whether to show in figures of Expenditure in Foreign currency
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
25 April 2009 1) You have to include CIF value of imports.

2) In the consumption you have to show it as imported goods.

3) Since you are paying in indian currency foreign exchange outflow will not arise and the same need not be reproted by your company.
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
26 April 2009 High Seas Purchases are not imports.
As a result no need of reporting in the Auditor's Report.
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