TaxTMI 
TaxTMI 
TIME LIMIT AND LIABILITY OF REVERSAL OF FOREX IN CASE OF RECALL
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....IME LIMIT AND LIABILITY OF REVERSAL OF FOREX IN CASE OF RECALL<br> Query (Issue) Started By: - Bhupinder Singh Dated:- 19-7-2019 Last Reply Date:- 17-5-2020 Customs - Exim - SEZ<br>Got 1 Reply<br>Cust....
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....oms<br>Within what time limit the forex ,incentives obtained by the exporter are to be reversed? Is it necessary to reverse the forex in case the goods recalled do not physically come back( are destro....
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....yed by the foreign importer itself)? Which forum/website governs/exhibits the open entries of such forex reversals? Reply By YAGAY andSUN: The Reply: It is commercial terms, if your foreign customer....
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.... is not demanding the foreign payments paid by him to you then no need to pay it off or if it is being adjusted through credit note/debit note then even in these situation you need to pay it off. Expo....
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....rt if completed then no need to reverse or returned to Government otherwise you need to pay it off along with interest at applicable rate.<br> Discussion Forum - Knowledge Sharing ....