TaxTMI 
TaxTMI 
Is Export Benefits under FTP is allowed if Export Proceeds are realized in INR against EXIM Bank/Government of India Line of Credit
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....s Export Benefits under FTP is allowed if Export Proceeds are realized in INR against EXIM Bank/Government of India Line of Credit<br> Query (Issue) Started By: - Deepak Birla . Dated:- 31-5-2016 Last Reply Date:- 7-6-2016 Customs - Exim - SEZ<br>Got 8 Replies<br>Customs<br>Sir/Madame, We are exporting goods to a project finance by Government of India line of credit.We are receiving paymnet in IN....
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....R.Are we eligible for the export benefits under FTP? Reply By Ganeshan Kalyani: The Reply: Sir, in my view the benefit of export is depend upon the movement of goods. If it has moved out of India then the document would support your contention. Thanks. Reply By MUKUND THAKKAR: The Reply: please clarify what benefit you want ? EPCG / Advance Authorisation ? Reply By Deepak Birla .: The Reply: ....
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.... Thanks for the reply. Benefits of Advance Authorization,Export Incentive Under Chapter 3 and Duty Drawback. Reply By MUKUND THAKKAR: The Reply: Benefits of Advance Authorization,:- Advance Authorization can also be issued for supplies with in India that are categorized as Deemed Exports. Projects funded by World Bank, ADB, Export Incentive Under Chapter 3 :- Not eligable in case of deem expor....
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....t Duty Drawback :-Advance authorisation and Drawback both benifit is not allow. Reply By Deepak Birla .: The Reply: Sir, Let me put my question in a different way. I am exporting goods to a Country A and the project is financed by Government of India line of credit. We are receiving payment in INR. Are Benefits of Advance Authorization,Export Incentive Under Chapter 3 and Duty Drawback. appl....
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....icable for these supplies? Reply By Kishan Barai: The Reply: According to me you will get all export benefit. Reply By surya narayana: The Reply: Dear Friend, The relevant provision of FTP is given below and if your exports fall in any of the categories ( particularly category (c) ) , then you may be eligible for the incentives. 2.52 Denomination of Export Contracts (a) All export contract....
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....s and invoices shall be denominated either in freely convertible currency or Indian rupees but export proceeds shall be realized in freely convertible currency. (b) However, export proceeds against specific exports may also be realized in rupees, provided it is through a freely convertible Vostro account of a non resident bank situated in any country other than a member country of Asian Clearing ....
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....Union (ACU) or Nepal or Bhutan. Additionally, rupee payment through Vostro account must be against payment in free foreign currency by buyer in his non-resident bank account. Free foreign exchange remitted by buyer to his non-resident bank (after deducting bank service charges) on account of this transaction would be taken as export realization under export promotion schemes of FTP. (c) Contracts....
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.... (for which payments are received through Asian Clearing Union (ACU) shall be denominated in ACU Dollar. Central Government may relax provisions of this paragraph in appropriate cases. Export contracts and invoices can be denominated in Indian rupees against EXIM Bank/Government of India line of credit. Best Regards Suryanarayana Reply By Deepak Birla .: The Reply: Sir, The Para (C) talks abo....
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....ut " Export contracts and invoices can be denominated in Indian rupees against EXIM Bank/Government of India line of credit. ".It does not tell anyting about realization of export contracts.<br> Discussion Forum - Knowledge Sharing ....