02 June 2010
We are manufacturer of precision turned components for domestic & foreign customers. In some cases foreign buyers wants to develop the tooling on his behalf and he is saying that if tooling will approved by us he will pay in foreign currency. Then in this situation what is accounting treatment and what paper we submit in custom department?Is any violation of rules of FEMA.
Secondly if we want to dispatch some parts through courier to aboard then what is the procedure in customs.
Please guide me in detail with reference. It is very important.
CAclubindia
