export in INR

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..... export in INR
Query (Issue) Started By: - GANESH IYER Dated:- 30-9-2015 Last Reply Date:- 30-9-2015 Customs - Exim - SEZ
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Customs
Can export be made in INR... can some one prov .....

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..... ide the provisions if at all it is possible?? Reply By YAGAY AND SUN: The Reply: Dear Ganesh There is no restriction on invoicing of export contracts in Indian Rupees in terms of the Rules, Regulat .....

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..... ions, Notifications and Directions framed under the Foreign Exchange Management Act 1999. Further, in terms of Para 2.52 of the Foreign Trade Policy (2015-2020) - "All export contracts and invoices sh .....

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..... all be denominated either in freely convertible currency or Indian rupees but export proceeds shall be realized in freely convertible currency. However, export proceeds against specific exports may al .....

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..... so be realized in rupees, provided it is through a freely convertible Vostro account of a non resident bank situated in any country other than a member country of Asian Clearing Union (ACU) or Nepal o .....

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..... r Bhutan." Indian Rupee is not a freely convertible currency, as yet. Regards, YAGAY and SUN
Discussion Forum - Knowledge Sharing .....

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