Netting of AP against AR in Foreign Currency.
This query is : Resolved
Devang Shah
(Querist)
18 January 2011
Can Indian Compnay net off account payable againsr account receivables?
For eg. India raised Invoice of USD 100 as receivable on US and US raised invoice on India as payable of USD 75, can US pay only USD 25.
If no, than what in law that prevents this net off.
Please reply asap.
For eg. India raised Invoice of USD 100 as receivable on US and US raised invoice on India as payable of USD 75, can US pay only USD 25.
If no, than what in law that prevents this net off.
Please reply asap.
CA. Anuj Gupta
(Expert)
19 January 2011
No, as per Master Circular on Export of goods & services issued by RBI, it has been very clearly provided that the same in not permitted without permission of RBI.
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