Home List Manuals FEMAFEMA Ready ReckonerExport of Goods & Services This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
Export Invoicing - FEMA Ready Reckoner - FEMAExtract Export Invoicing and Settlement in India Rupees Export Invoicing There is no restriction on invoicing of export contracts in Indian Rupees in terms of the Rules, Regulations, 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 shall 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 also 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 or Bhutan. Indian Rupee is not a freely convertible currency, as yet. [ para A.1(v) of RBI FED Master direction No. 16/2015-16 dated 01-01-2016 ] Financial Year Means (April to March) is reckoned as the time base for all transactions pertaining to trade related issues.
|