Value addition norms for non convertible currency exports require handbook rate or a prescribed minimum floor, with rupee denominated accounting. For exports with payments not in freely convertible currency to erstwhile RPA countries and specified Russian Federation transactions, value addition norms require application of either the Handbook Vol.1/Vol.2 percentage or a prescribed minimum floor, whichever is higher; exports in freely convertible currency follow GCA norms. Specified transactions also receive procedural relaxations allowing contracts, invoices and Advance Authorisation export obligation accounting to be expressed in non convertible Indian Rupees.
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Provisions expressly mentioned in the judgment/order text.
Value addition norms for non convertible currency exports require handbook rate or a prescribed minimum floor, with rupee denominated accounting.
For exports with payments not in freely convertible currency to erstwhile RPA countries and specified Russian Federation transactions, value addition norms require application of either the Handbook Vol.1/Vol.2 percentage or a prescribed minimum floor, whichever is higher; exports in freely convertible currency follow GCA norms. Specified transactions also receive procedural relaxations allowing contracts, invoices and Advance Authorisation export obligation accounting to be expressed in non convertible Indian Rupees.
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