Dear Sir ,
We expecting order from UAE, Customer is ready to issue order in INR with LC. Can we do such transaction & we will get the MEIS benefit for said transaction. We checked with bank , bank will issue e-brc in INR Currency . Kindly advise us with details document prcoess.
INR Payment for UAE Transaction May Qualify for MEIS if Processed via VOSTRO Account; Foreign Currency Preferred. A query was raised about whether a transaction with a UAE customer in INR, supported by a Letter of Credit, qualifies for the Merchandise Exports from India Scheme (MEIS) benefit. The responses clarified that MEIS benefits are typically granted when export proceeds are realized in foreign currency. However, if the payment is made in INR, the benefit is only available if the transaction is processed through a VOSTRO account. The discussion emphasized that export incentives like MEIS and Duty Drawback (DBK) are generally provided to encourage foreign currency transactions. (AI Summary)
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