TaxTMI 
TaxTMI 
export & foreign Remittence
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....xport & foreign Remittence<br> Query (Issue) Started By: - sanjay malviya Dated:- 4-9-2012 Last Reply Date:- 4-9-2012 Customs - Exim - SEZ<br>Got 2 Replies<br>Customs<br>Dear Expert Newly release notification by DGFT without received advance payment of shipment from foreign , export not allowed. ( condition on export of carpet, handicraft and silk item ) if self warehouse in foreign and goods s....
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....end to foreign in the name of warehouse , what is the treatement of transaction - stock transfer or export and above condition of custom regarding advance receipt are levy or not Please advice as soon as possible . Notification no. 5(RE-2012)/2009-2014 Reply By Pradeep Khatri: The Reply: Kindly refer appended para of the Master Circular No. 14/2012-13 dated 02-07-2012. In this para it has been....
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.... mentioned that "Period of realisation should be as applicable". Since the condition of realisation has been amended from normal to advance, hence, transferring of such goods to self's warehouse won't make any difference. B.13 Opening / Hiring of Ware houses abroad AD Category - I banks may consider the applications received from exporters and grant permission for opening / hiring warehouses abr....
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....oad subject to the following conditions: * Applicant's export outstanding does not exceed 5 per cent of exports made during the previous financial year. * Applicant has a minimum export turnover of USD 100,000/- during the last financial year. * Period of realisation should be as applicable. * All transactions should be routed through the designated branch of the AD Banks. * Th....
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....e above permission may be granted to the exporters initially for a period of one year and renewal may be considered subject to the applicant satisfying the requirement above. * AD Category - I banks granting such permission/approvals should maintain a proper record of the approvals granted. Reply By Pradeep Khatri: The Reply: In continuation to above:- * Goods exported to a warehouse est....
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....ablished outside India : As soon as it is realised and in any case within fifteen months from the date of shipment of goods; and * In all other cases: With effect from June 3, 2008, this period of realization and repatriation to India has been enhanced to twelve months from the date of export till September 30, 2012. (effective from October 1, 2011). It will be treated as stock transfer and o....
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....n the even of realisation of foreign exchange it would be completed as export.<br> Discussion Forum - Knowledge Sharing ....