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Non refundable Advances against exports

This query is : Resolved 
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(Querist)
15 July 2022 In case of Pvt Ltd Co.,Our client have received certain Advances in foreign currency & converted the same in Indian Currency in our books against export of Goods to overseas Buyers.However such export orders have been cancelled & accordingly forfeit the same & considered our income.
Now the query is can we do that, if yes, do we need to inform RBI about the same and is there any procedure for it..?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
15 July 2022 Yes, you can do it no need to inform RBI.
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