Question ID :
Write Back of payment for Import Bills
My client has made imports of around 50 Lakhs four years back and due to bad quality of material it could not be sold. He has not paid the bills and now the overseas party has agreed to write off the entire amount. Can he do so without taking approval of RBI. Otherwise what should be the procedure for write off.
At the time of Audit if company write off the amount without taking the approval of RBI what should be responsibility to report or disclose as an Auditor.
Nov 28, 2020