Non relisation of export proceeds
This query is : Resolved
27 September 2016
I want to know that what are the consequences of non realization of export proceeds beyond 6 months. The company has not filed any extension request with RBI. The company has no imports and not claiming any rebate or duty drawback..
26 October 2016
Dear Jain,
Non realization of export proceeds is contravention of Foreign Exchange Management Act -1999. Under the Act a fiscal penalty up to 5 times the value of unrealized export proceeds are levible . This is in addition to surrender of export incentives if any availed on the un realized export proceeds.
Non realization of export proceeds is contravention of Foreign Exchange Management Act -1999. Under the Act a fiscal penalty up to 5 times the value of unrealized export proceeds are levible . This is in addition to surrender of export incentives if any availed on the un realized export proceeds.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS 194-T applicability
- Fixe term employment
- Is any professional CA is here please reply
- GST ITC REVERSE
- Putting a heading on received mail
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Regarding Applicability of Tax Audit u/s 44AB
- Consolidated financials
- Reprocessing of rectification order AY 2025-26
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
