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Advance payment from foreign buyer against exports.
what will be the effects of Advance payment received from Foreign Buyer against Export?
case 1: - If i hold the Advance payment more than one Year.
Case 2: may i refund this advance payment after one year ?
Replies (2)
You have to adjust for exchange fluctuation. It will always be a monetary liability no matter how long you hold it. This is due to the reason that the essence of advance is against trade assets which are monetary assets.
IS there any rule and regulation from RBI, against this situation (or these case) ?
if i adjust this amount with exchange fluctuation.
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