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TMI BlogClarity regarding Realisation of Payment from SEZ UnitX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Sir We are supplying goods to SEZ Unit under Advance Authorisation. AS per para 4.21 (iii) of FTP 2015-20 the payment from SEZ unit shall be taken in to account for discharge of export obligation provided payment is realised from Foreign Currency Account of the SEZ Unit. Is it means that payment should be realised in foreign currency OR in Indian Rupee but from SEZ unit foreign c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urrency account. because DGFT relax this provision for Advance Auhtirisation issued under FTP 2009-14. Please clarify the matter. Thanks regards Kamal A - Reply By KASTURI SETHI - The Reply = Sh.Kamal Chordia Ji, Answer to your question is NO. It is not the intention of Govt.Sometimes Govt. allows one time relaxation. It does notmean Indian Currency except from SEZ. After ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... all, all the benefits in export are for the purpose of earning foreign exchange in the interest of the nation. DGFT Trade Notice No. 16/2016; Dated: February 10, 2016 - Reply By CS SANJAY MALHOTRA - The Reply = Dear Mr. Kamal, This is in addition to opinion shared by Sir Sh. Kasturi ji. Foreign Currency Account refers to an account held / maintained in currency other than t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he currency of India or Nepal or Bhutan. SEZ is treated as Foreign Land and Sh. Kasturi ji is right that Govt. can';t be taken for a ride by mentioning that earlier this provision was prevailing and why not continue........... - Reply By surya narayana - The Reply = Dear Kamal Ji, Recently DGFT, Delhi issued a Trade Notice bearing No. 16/2016 Dated 10.02.2016 clarifying that recei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pt of payment in Indian Rupees for Exports to SEZ under Advance Authorization Scheme is allowed for closure of licences for the exports effected upto 31.03.2015 in terms of FTP 2009-14 . However, for the exports effected from 1.4.2015 , payment has to necessarily be received in Foreign Currency only. The trade notice is self explanatory. For your ready reference I am re-producing the contents ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the said Trade Notice. - Reply By kamal chordia - The Reply = Thanks your Sir for your reply. - Reply By KASTURI SETHI - The Reply = Sh.Kamal Chordia Ji, Excellent interpretation by both experts, namely,SH. CS SANJAY MALHOTRA, Sir and Sh. Surya Narayana, Sir. - Clarity regarding Realisation of Payment from SEZ Unit - Query Started By: - kamal chordia Dated:- 19- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2-2016 Customs - Import - Export - Customs - SEZ - Got 5 Replies - Customs - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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