TIME LIMIT AND LIABILITY OF REVERSAL OF FOREX IN CASE OF RECALL, Customs - Exim - SEZ

[Bhupinder Singh]

Within what time limit the forex ,incentives obtained by the exporter are to be reversed? Is it necessary to reverse the forex in case the goods recalled do not physically come back( are destroyed by the foreign importer itself)? Which forum/website governs/exhibits the open entries of such forex reversals?

Posts / Replies

[YAGAY andSUN]

It is commercial terms, if your foreign customer is not demanding the foreign payments paid by him to you then no need to pay it off or if it is being adjusted through credit note/debit note then even in these situation you need to pay it off. Export if completed then no need to reverse or returned to Government otherwise you need to pay it off along with interest at applicable rate.