TaxTMI 
TaxTMI 
TaxTMI 
PAYMENT FOR EXPORT OF GOODS
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....AYMENT FOR EXPORT OF GOODS<br> Query (Issue) Started By: - DILIP AGARWALA Dated:- 3-2-2019 Last Reply Date:- 3-2-2019 FEMA<br>Got 1 Reply<br>FEMA<br>I am an NRI resident in UK for past 60 years. I ho....
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....ld both NRO and NRE accounts in India. I have a current PAN registration. I want to purchase machinery for export to UK and make payment in INR from my NRE account; suppliers are insisting on payme....
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....nt in USD, which would mean that I would have to transfer the funds from my NRE account out of India and then send them back - which would also mean that I would suffer two tranches of exchange rat....
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....es. One supplier has said that they will accept payment from my NRE account provided that 1. I have a registered business in India 2. I will have to pay GST @ 18% 3. I would then have to export m....
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....yself. Surely the fact that my funds are in an NRE account they are treated the same as foreign exchange? I, and several suppliers have spoken with their various CAs who all are of the opinion that ....
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....I can not make payment from my NRE INR account for direct exports. I understand from RBI Master Directions, Part 2, B2, (i) c, that payments may be made from NRE accounts for direct exports, but I ....
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....may be wrong - I am not qualified. Reply By DR.MARIAPPAN GOVINDARAJAN: The Reply: In my view also you cannot make payment from your NRE INR account for direct exports.<br> Discussion Forum - Knowled....
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....ge Sharing ....