TMI BlogPAYMENT FOR EXPORT OF GOODSX X X X Extracts X X X X X X X X Extracts X X X X ..... I am an NRI resident in UK for past 60 years. I hold both NRO and NRE accounts in India. I have a current PAN registration. I want to purchase machinery for export to UK and make payment in INR from my NRE account; suppliers are insisting on payment in USD, which would mean that I would have to transfer the funds from my NRE account out of India and then send them back - which would also mea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n that I would suffer two tranches of exchange rates. One supplier has said that they will accept payment from my NRE account provided that 1. I have a registered business in India 2. I will have to pay GST @ 18% 3. I would then have to export myself. Surely the fact that my funds are in an NRE account they are treated the same as foreign exchange? I, and several suppliers have spoken with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... their various CAs who all are of the opinion that I can not make payment from my NRE INR account for direct exports. I understand from RBI Master Directions, Part 2, B2, (i) c, that payments may be made from NRE accounts for direct exports, but I may be wrong - I am not qualified. - Reply By DR.MARIAPPAN GOVINDARAJAN - The Reply = In my view also you cannot make payment from your NRE INR acc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ount for direct exports. - PAYMENT FOR EXPORT OF GOODS - Query Started By: - DILIP AGARWALA Dated:- 3-2-2019 FEMA - Foreign Exchange Management - Got 1 Reply - FEMA - 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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