Capital item in Indian currency or U$

[Narasimha Subramanian]

One of our customers want to procure a capital item under EPCG scheme. We are importing this item from our Principals in US and selling to this customer as High Sea Sales. Can we sell to him in Indian Rupees or is it mandatory that the transaction should be in US$? Please clarify

AI Summary

EPCG Scheme: High Sea Sale of US Import Can Be in Indian Rupees, No Foreign Currency Required for Exemption. A customer inquired about selling a capital item under the EPCG scheme, imported from the US and sold as a High Sea Sale, questioning whether the transaction must be in US dollars or can be in Indian Rupees. Two responses clarified that there is no requirement for the transaction to be in foreign currency to avail of the EPCG exemption. The item can be sold in Indian Rupees, with the sale price including a profit margin serving as the basis for import duty assessment for the EPCG license holder.