Commercial prudence should dictate the precautions to be taken, as the laws do not prescribe any precautions. However, please note that the transfer of scrips must be recorded on the DGFT website in accordance with DGFT Trade Notice No. 42 dated January 11, 2019.
Q. Sometimes, the foreign supplier mentions HSN codes that are different from our Customs Tariff. Similarly, foreign buyers sometimes ask us to mention a different HSN code than what we use as per our Customs Tariff. How do we deal with the situation?
Our Customs Tariff is aligned with the HSN developed by the World Customs Organisation at the four digit level. So, there could be differences between the HSN used in the importing and exporting countries at the six or eight digit levels. Each importer or exporter is bound by the laws of his country. So, when there is a difference, it is better to mention on the documents the HSN of both the importing and exporting country.
Q. At what stage of import-export (EXW/FOB/CFR/CIF) is the accounting effect to be given in books of account for recognition of export/import liability?
The standard practice is to book the sales when an invoice is raised on the buyer, and book the purchase when the invoice is received from the seller.
Q. We exported some goods to a Thailand dealer for product approval in a local utility, but as our products did not meet technical compliances they got rejected. Now we would like to bring them back to India. Do we need to pay import duty? What is the procedure to bring them back?
As the procedures are too detailed, I suggest you go through Chapter 19 of the CBEC Customs Manual 2018 in this link.