TaxTMI 
TaxTMI 
I am importing an item and want to sell the same on High seas sales basis , to a customer based in India which is 100% Export oriented unit. Can I raise my High seas sales Invoice to the customer in USD, and collect the proceeds from him in USD ?
High Seas Sales
20 Jul 2013 
3 Replies 
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High seas sales: invoicing may reference foreign currency but domestic agreements and payments are treated in rupees for compliance.
High seas sales require a domestic HSS agreement executed in India and are treated as transactions between Indian residents; payments cannot be made in foreign currency domestically though the agreement may reference a foreign currency amount with a rupee equivalent or conversion mechanism. Customs assesses duty on the HSS value in rupees, converting any referenced foreign currency at the rate applicable on the bill of entry date or as declared by customs. (AI Summary)
High seas sales require a domestic HSS agreement executed in India and are treated as transactions between Indian residents; payments cannot be made in foreign currency domestically though the agreement may reference a foreign currency amount with a rupee equivalent or conversion mechanism. Customs assesses duty on the HSS value in rupees, converting any referenced foreign currency at the rate applicable on the bill of entry date or as declared by customs. (AI Summary)