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TMI BlogGot paid in INR for your Exports?X X X X Extracts X X X X X X X X Extracts X X X X ..... Got paid in INR for your Exports? X X X X Extracts X X X X X X X X Extracts X X X X ..... While the payment was on time, it jeopardized his eligibility for key export incentives like 𝐑𝐨𝐃𝐓𝐄𝐏 (𝐑𝐞𝐦𝐢𝐬𝐬𝐢𝐨𝐧 𝐨𝐟 𝐃𝐮𝐭𝐢𝐞𝐬 𝐚𝐧𝐝 𝐓𝐚𝐱𝐞𝐬 𝐨𝐧 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 𝐄𝐱𝐩𝐨𝐫𝐭 𝐏𝐫𝐨𝐝𝐮𝐜𝐭𝐬) 𝐚𝐧𝐝 𝐆𝐒𝐓 𝐫𝐞𝐟𝐮𝐧𝐝𝐬. While billing can be done in INR, 𝐭𝐡𝐞 𝐫𝐞𝐚𝐥𝐢𝐳𝐚𝐭𝐢Ү ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 48;𝐧 𝐨𝐫 𝐫𝐞𝐜𝐞𝐢𝐩𝐭 𝐦𝐮𝐬𝐭 𝐛𝐞 𝐢𝐧 𝐟𝐨𝐫𝐞𝐢𝐠𝐧 𝐜𝐮𝐫𝐫𝐞𝐧𝐜𝐲 to qualify for export incentives under India's 𝐅𝐨𝐫𝐞𝐢 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 𝐠𝐧 𝐄𝐱𝐜𝐡𝐚𝐧𝐠𝐞 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐀𝐜𝐭 (𝐅𝐄𝐌𝐀) 𝐚𝐧𝐝 𝐅𝐨𝐫𝐞𝐢𝐠𝐧 𝐓𝐫𝐚𝐝𝐞 𝐏 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 19848;𝐥𝐢𝐜𝐲 (𝐅𝐓𝐏). Arun now faced the risk of losing benefits and potential compliance penalties. However, Arun found that export proceeds can still be realized in INR under specific conditions: 1. 𝐅𝐫𝐞𝐞𝐥𝐲 𝐂𝐨𝐧𝐯𝐞𝐫𝐭𝐢𝐛𝐥 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ;𝐞 𝐕𝐨𝐬𝐭𝐫𝐨 𝐀𝐜𝐜𝐨𝐮𝐧𝐭: INR payments can be routed through a 𝐅𝐫𝐞𝐞𝐥𝐲 𝐂𝐨𝐧𝐯𝐞𝐫𝐭𝐢𝐛𝐥𝐞 𝐕𝐨𝐬𝐭𝐫𝐨 𝐀𝐜 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9836;𝐨𝐮𝐧𝐭 of a non-resident bank located in a country other than a member of Asian Clearing Union, Nepal, or Bhutan 2. 𝐒𝐩𝐞𝐜𝐢𝐚𝐥 𝐑𝐮𝐩𝐞𝐞 𝐕𝐨𝐬𝐭𝐫𝐨 𝐀𝐜𝐜𝐨𝐮𝐧𝐭: Routing payments t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hrough a 𝐒𝐩𝐞𝐜𝐢𝐚𝐥 𝐑𝐮𝐩𝐞𝐞 𝐕𝐨𝐬𝐭𝐫𝐨 𝐀𝐜𝐜𝐨𝐮𝐧𝐭 can also ensure compliance with FEMA 3. 𝐄𝐱𝐩𝐨𝐫𝐭𝐬 𝐭𝐨 𝐈𝐫𝐚𝐧: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Realizing proceeds in INR is permitted under special conditions for exports to Iran, as outlined in 𝐏𝐚𝐫𝐚 2.19 𝐨𝐟 𝐭𝐡𝐞 𝐅𝐓𝐏. 4. 𝐓𝐫𝐚𝐝𝐞 𝐰𝐢𝐭𝐡 𝐍𝐞𝐩𝐚𝐥 𝐚𝐧𝐝 𝐁𝐡 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 19854;𝐭𝐚𝐧: INR payments are allowed for exports to these countries. For Nepal, receipts can be in foreign currency if the 𝐍𝐞𝐩𝐚𝐥 𝐑𝐚𝐬𝐡𝐭𝐫𝐚 𝐁𝐚𝐧𝐤 permits the importer to pay in foreign currency. 𝐓𝐚𝐤𝐞𝐚𝐰 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 19834;𝐲: If you receive INR payments for your exports, remember that realization must be in foreign currency to stay compliant. Use options like 𝐅𝐫𝐞𝐞𝐥𝐲 𝐂𝐨𝐧𝐯𝐞𝐫𝐭𝐢𝐛𝐥𝐞 𝐕𝐨𝐬𝐭𝐫𝐨 𝐀𝐜𝐜𝐨 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 𝐮𝐧𝐭𝐬, 𝐒𝐩𝐞𝐜𝐢𝐚𝐥 𝐑𝐮𝐩𝐞𝐞 𝐕𝐨𝐬𝐭𝐫𝐨 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐬, or special provisions for countries like Iran, Nepal, and Bhutan to protect your export benefits!
Unnathi Partners X X X X Extracts X X X X X X X X Extracts X X X X ..... olarly articles for knowledge sharing by authors, experts, professionals ..... X X X X Extracts X X X X X X X X Extracts X X X X
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