Benefit of SEIS.

[Arti Gupta]

Is benefit of SEIS applicable while payment has been received in INR?Kindly refer the relevant Para also.

[Kishan Barai]

One of the important condition for eligibility is the service provider should have earned Minimum Net Foreign Exchange earnings of US$15,000/- (10,000 US$ in case of sole proprietor) in preceding Financial Year.

Important Documents required are valid IEC at the time of earnings of Foreign Currency, Copy of RCMC (Registration with Export Promotion Council), FIRC (Foreign Inward Remittance Certificate, no need for submission with DGFT but the Foreign Exchange earnings details to be certified by CA), Quarterly returns of forex earnings with export promotion council.

Application has to be submitted online at DGFT site and you must have digital signature for filing the same.

According to me your as per SEIS norms foreign currency has to be earned, so your case does not qualify for SEIS.

Please correct me if i am wrong.

Thank You

[YAGAY andSUN]

In addition to above reply, Export to Iran and payment received in INR would be eligible for MEIS and SEIS.

[CSSANJAY MALHOTRA]

Dear DEEPAK,

Please go through para 3.08 c of FTP 2015-20 and Public notice no 7/2015-20 dated 04.05.2016. Payment received in Indian rupees for specified services shall be treated as received in deemed foreign exchange and SEIS is eligible.

Further payment in indian rupees received through vostro account is also eligible for export benefits.

AI Summary

Deemed foreign exchange: payments in Indian rupees for specified services qualify for SEIS, including vostro receipts. SEIS eligibility hinges on meeting a minimum Net Foreign Exchange requirement and maintaining specified registrations and documentary evidence (IEC, RCMC, CA-certified forex details/FIRC, quarterly export council returns), with applications filed online at DGFT using digital signatures. Payments received in Indian rupees for specified services are treated as deemed foreign exchange for SEIS eligibility, and INR receipts through vostro accounts are recognised as eligible export receipts under the applicable FTP provisions and public notices.