Problem in currency conversion
This query is : Resolved
08 December 2011
We make Export of product worth USD10000. We made Invoice in USD, Got Shipping Bill and got Duty Drawback. But we received payment in INR. Our client said that He in his country bought USD and got it converted to INR. Our Bank received payment worth INR420000. Our Bank also gives a message copy in which it is written 'Foreign Inward Remittance from Bank for INR420000'. Now what to right on BRC i.e. Whether Export is in Indian Rupee or Freely Convertible Currency. Secondally, will it be considered as Export as we got payment in INR. If not what should be done. Shall we return Drawback or other steps what can be taken.
10 December 2011
no need to worry .
spply for brc with normal banking channel through which you have received remittance towards this export invocie. wright amount equalant to usd and in inr get it certified from the banker and submit the same within six months from the date of shipping bill. please make sure that shipping bills must shows figures in usd other wise it will be treated as rupee export and no export incentives are allowed. next time ask your buyer to remit in foreign currency. if possible ask for letter of credit. No need to pay back DBK as there is no demand from customs, when u received anay notice please communicate
spply for brc with normal banking channel through which you have received remittance towards this export invocie. wright amount equalant to usd and in inr get it certified from the banker and submit the same within six months from the date of shipping bill. please make sure that shipping bills must shows figures in usd other wise it will be treated as rupee export and no export incentives are allowed. next time ask your buyer to remit in foreign currency. if possible ask for letter of credit. No need to pay back DBK as there is no demand from customs, when u received anay notice please communicate
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