Export to Iran payment under Indian rupee

[Yogesh Panchal]

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.

AI Summary

Company Seeks Guidance on Pre-Shipment Invoice and Duty-Free Export to Iran in Indian Rupees Under FTP 2009-14 A company received an export order from Iran, with payment made in Indian Rupees through UCO Bank. The payment process involves the Iranian customer paying UCO Bank Iran, which then transfers the funds to UCO Bank India, and finally to the company's account. The transaction was not under a Letter of Credit (LC). According to the Foreign Trade Policy 2009-14, exports to Iran paid in Indian Rupees can receive export benefits. The company seeks guidance on preparing a pre-shipment invoice in Indian Rupees and clearing goods under LUT without duty payment. An expert advised consulting the RBI master circular from July 1, 2014.