Save Rs 499 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

banner_ad

Square off of amount payable to foreign creditors

This query is : Resolved

Share Report Follow Query Ask a Query

Hemkumar

(Querist)
Follow

12 August 2021 Dear Sir
We are SEZ Unit in Gujarat, during FY 2020-21 we have write off Rs 40 lakhs amounts payable to our foreign creditor in dollar. Whether this action makes violation of any custom provisions ??

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

12 August 2021 AD Category I banks may close the BoE for such import transactions where write off of import payable is on account of quality issues; short shipment or destruction of goods by the port / Customs / health authorities in terms of extant guidelines on the matter subject to submission of satisfactory documentation by the importer irrespective of the amount involved. AD Bank shall settle and close ORM/BoE with appropriate “Adjustment Indicator” in IDPMS.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CCI Pro

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

CCI Pro

Meet our CAclubindia PRO Members

Pro Member Choudhary

Choudhary

Pro Member Titus

Titus

Pro Member seshachary

seshachary

Pro Member Shantaveeresh Manur

Shantaveeresh Manur

Pro Member giriswar

giriswar

Follow us

add to google news

Answer Query

Quick Links

Browse by Category

Latest Job Openings

View all

29 May 2026

Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details

Featured 27 May 2026

Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details

09 May 2026

Audit Manager

Kanna and Associates

Coimbatore

CA Inter

View Details

04 June 2026

Semi Qualified CA

Goyal Puneet & Associates

New Delhi

CA Final

View Details

14 May 2026

ICSI Trainees for 21 Months and Semi-Qualified CS

CMNITY HIRE

New Delhi

Others

View Details

ARTICLESHIP 27 May 2026

CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details

14 May 2026

Senior Associate

ABHISHEK SHANKAR AGARWAL & ASSOCIATES

Kolkata

CA

View Details

ARTICLESHIP 15 May 2026

Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details