Short payment towards export sale
This query is : Resolved
19 November 2011
Dear All,
We have done perishable item Export sale on CFR basis to one of our customer in Rotterdam.He has paid us short payment (in USD) towards this sale due to product quality issue.Now we went to bank( Authorised dealer) to close the Forex position by submitting export documents along with original Shipping bill Exchange control copy and realisation proof i.e.FIRC. The bank is reluctant to close the position on the ground of short payment.The bank informed us that the invoice amount,shipping bill amount and amount realised are not matching.The bank has told us to amend the shipping bill according to the amount realised to close the Forex position created.
My question is that, how much deviation is allowed between Invoice amount & amount Realised as per RBI guidelines/circular or notification ?
We have done perishable item Export sale on CFR basis to one of our customer in Rotterdam.He has paid us short payment (in USD) towards this sale due to product quality issue.Now we went to bank( Authorised dealer) to close the Forex position by submitting export documents along with original Shipping bill Exchange control copy and realisation proof i.e.FIRC. The bank is reluctant to close the position on the ground of short payment.The bank informed us that the invoice amount,shipping bill amount and amount realised are not matching.The bank has told us to amend the shipping bill according to the amount realised to close the Forex position created.
My question is that, how much deviation is allowed between Invoice amount & amount Realised as per RBI guidelines/circular or notification ?
19 November 2011
READ THELINK CAREFULLY :
https://www.bcasonline.org/webadmin/Circulars/circfiles/Export.pdf
https://www.bcasonline.org/webadmin/Circulars/circfiles/Export.pdf
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
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR returnFY25-26
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR 2 Short Term gain & Long term gain
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
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
