Deemed Export Transactions.

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Deemed Export Transactions.
Query (Issue) Started By: - PIYUSH JAIN Dated:- 11-7-2015 Customs - Exim - SEZ
Customs
One of our Customer approached us for issuance of e BRC issuance post supply of goods where an ICB awarded to them in multiple currencies. Approx 90% amount has been received in INR and the remaining 10% in any of the freely convertible FC(as mentioned in contract). As per .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... issued advance license from DGFT, exporter can claim for certain export under duty drawback scheme, however as a part of supply some additional goods has been dispatched along with under advance license covered items. where customer is agreed to submit an undertaking regarding the additional goods will not be claim under the said scheme. Invoices has been raised in FC/INR and approx 60-90% claim .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... (In INR only) to be settled against advance license(due to addition of normal supply as well). What should be approach to handle a transaction in terms of 1. Bill should be processed in INR of FC as money receive in INR and transaction is being completed within DTA. 2. A partial amount bill can be processed as there is no inflow on FC or bill needs to be lodged for full invoice amount. 3. If .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... full money for any invoice has been received in INR and raised invoices are in FC, how these invocies should be treats in banks book. 4. Does bank needs to endorse advance license/ Invalidation letter for deemed export transaction. 5. What should be a possible mechanism to prevent duplicate utilisation of the same amount(INR value, no FIRC issued) 6. Can bank issue a BRC for the extent of amoun .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... t receive in bank and close their books for a bill as advance license/ Invalidation letter has been issued for a particular sum and customer will not be able to claim additional amount(DGFT will have a cap on it) Regards, Piyush Jain +91 8238 035 446
Discussion Forum - Knowledge Sharing .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X