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TMI BlogPAYMENT FOR EXPORT OF GOODSX X X X Extracts X X X X X X X X Extracts X X X X ..... PAYMENT FOR EXPORT OF GOODS X X X X Extracts X X X X X X X X Extracts X X X X ..... old 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 paym ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent 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 mean that I would suffer two tranches of exchange ra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tes. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 their various CAs who all are of the opinion that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 account for direct exports. X X X X Extracts X X X X X X X X Extracts X X X X ..... dge Sharing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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