If 100 % payment is made in advance against good imported,
is it that there will be no booking of foreign exchange gain/ loss ?
Also on what rate should the purchase booking on imports should be done ?
On the date of Bill of Lading or on the date of BIll of Entry ?
Pls reply urgently
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import purchases
Replies (2)
1. FOR 100% NO FLUCTUATION TO BE BOOKED..
2. BILL OF LADING..
ARE U IN FINAL OR PCC..? IF IN FINAL DO NOT CONFUSE BILL OF ENTRY / LADING WITH CUSTOMS PROVISIONS.
I have problem in the import purchases: Suppose I paid $5000 @ 45.15 on 25/5/2009 in advance for purchases of material which cost me $25000, I received the material on 30/6/2009, I paid balance amt on 25/6/2009 @ 47.20. On import doc. there is specifically indicate tht presentation of dockuments through(wht is the meaning of this?).so at the time of passing the entry rate will have to taken as per BOE for whole $25000 or @ 47.20 *$25000
I'm PCC student , I want to clear my concept !!
pls help me
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