Invoicing in usd
This query is : Resolved
CA Suri Kota
(Querist)
12 September 2013
Hi,
Is there any rule/GAAP which prohibits billing in USD between two Indian entities.
Is there any rule/GAAP which prohibits billing in USD between two Indian entities.
RAMESH KUMAR VERMA
(Expert)
13 September 2013
AS PER FOREIGN TRADE POLICY 2009-2014 REFER TO PARA NO. 2.40 ALL EXPORTS CONTRACTS & INVOICES SHALL BEDENOMINATED EITHER IN FREELY CONVERTABLE CURRENCY OR INR. BUT EXPORT PROCEED SHALL BE RELISED IN FREE CONVERTABLE CURRENCY. HOWEVER, EXPORT PROCEEDS AGAINST SPECIFIC MAY BE EXPORT RELISED IN RUPEES PROVIDED IT IS THROUGH A FREELY CONVERTABLE VOSTRA ACCOUTN OF NON RESIDENT BANK SITUATED A\IN ANY COUNTRY OTHER THAN A MEMBER COUNTRY OF ACU OR NEPAL OR BHUTAN. FOR MORE INFORMATION READ PARA 2.4 TO PARA 2.44. FOR MORE INFORMATION READ :- https://www.dgft.gov.in/
Read more at: https://www.caclubindia.com/forum/import-from-nepal-147420.asp#.UjKkf39Hhkg
Read more at: https://www.caclubindia.com/forum/import-from-nepal-147420.asp#.UjKkf39Hhkg
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