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High sea sale of imports

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(Querist)
22 March 2012 Is it legally permissible to make Dollar denominated High Sea sale by an Indian Entity to another Indian Entity of goods being imported into India.
If question is answered in affirmateive, Can a Indian Entity make Dollar payment to another Indian entity and how ?

Thanks in advance
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
23 March 2012 Yes it is permitted as because in this type of dealing it is only change of hands and nothing else. The margin which is gained is taxable in India
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