https://www.taxtmi.com/forum/issue?id=109706 Advance payments in foreign currency for exports must be recorded as advance receipts until goods are dispatched and documentation supports sale. Such receipts are evidenced by a FIRC and converted to a BRC upon remittance of final proceeds, while foreign exchange gains or losses are accounted for under the applicable foreign exchange translation and revenue recognition standards. Consult a chartered accountant or Authorized Dealer for transactional compliance with central bank directions. en-us Mon, 11 Jan 2016 18:54:44 +0530 Thu, 23 Jan 2025 15:56:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=109706 Advance payments in foreign currency for exports must be recorded as advance receipts until goods are dispatched and documentation supports sale. Such receipts are evidenced by a FIRC and converted to a BRC upon remittance of final proceeds, while foreign exchange gains or losses are accounted for under the applicable foreign exchange translation and revenue recognition standards. Consult a chartered accountant or Authorized Dealer for transactional compliance with central bank directions. Discussion-Forum Companies Law Mon, 11 Jan 2016 18:54:44 +0530 https://www.taxtmi.com/forum/issue?id=109706