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Querist : Anonymous (Querist) 28 January 2012 This query is : Resolved
anybody can please tell whether the proceeds of export of service need to be received in foreign currency itself or a fund transfer from foreign bank of client received in rupees is sufficient to claim exemption?

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Raj Kumar Makkad (Expert) 28 January 2012
Proceeds should be demanded in Indian currency so that you may claim all exemptions as are available to you properly.

soumitra basu (Expert) 28 January 2012
The bill should be in indial rupee and in foreign currency both. The amount should be transferred from Foreign Bank to Indian Bank or any other legal way.

H.M.Patnaik (Expert) 28 January 2012
Dear Friend,
You have to supply info reg.nature of export on which you would seek exemption.

Besides, you are free to receive your dues against export deals in shape of foreign currency or INR , however such receipt becomes exigible to Indian Income tax when received in India or credited to your bank account held in the name of a Exporter or establishment having principal place of business in India.

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