We have received advance against export and it is been more than one year of receipt. as per rbi i cannot refund this amount to the buyer as ome year has passed.
my question is am i allowed to make shipment after one year of receipt of advance?
and do i have to report this under audit report?
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Advance against EXPORTS
Replies (4)
Quick Summary
You need approval of RBI to do shipment after one year or say after expiry
In my opinion yes you have to report in audit report
But where it is written rbi approval required for export after one year
Read fema rules and regulations
In those regulations only refund of payment is mentioned
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