Export to Iran payment under Indian rupee

[Asked by Guest]

Dear All Expert,

We have received export order for our finished goods from Iran in Indian Rupees,(

Iran Customer Paid amount to the UCO Bank Iran, UCO Bank transfer amount in UCO Bank India in Indian rupees, UCO Bank India transfer amount in our bank account in Indian rupees.

Payment not received under LC.)

As per Foreign Trade Policy, 2009-14"Export proceeds against exports to Iran realized in Indian rupees are permitted to avail exports benefits/ incentives.

Query :- We have prepared Pri-Shipment invoice in Indian rupees??? We have cleared above export goods under LUT without duty of payment?? Please guide us.

[MUKUND THAKKAR]

Sir,

please follow the guide lines given in RBI master circular of 01july-2014.

Dear Sir,

Please explain in details.

AI Summary

Export proceeds in Indian rupees permitted for incentive eligibility; ensure bank realisation and documentary compliance under central bank guidance.
Exports realised in Indian rupees for shipments to Iran may qualify for export incentives under the Foreign Trade Policy provided exporters meet documentary and foreign exchange realisation requirements; key operational questions include whether pre-shipment invoices may be in Indian rupees and whether clearance under a Letter of Undertaking without duty payment is compliant when payment is routed through correspondent banks rather than an LC, with procedural adherence to central bank master circular guidance on rupee export receipts.