1.Import contract may be concluded in Indian Rupees. Where the contracts are in Indian Rupees, the related documents are also prepared in Indian Rupees and no conversion is involved. Import invoice can be in Indian Rupees.Customs will not have any problem until there is a duty evasion on account of valuation.In another words ,there should not be any change in Assessable Value of imported goods. Contract are to be executed before import process begins This is practiced to minimize import risk on account of currency fluctuation . Foreign remittance are governed by RBI. You may contact your bank for payment related to imported goods.Brief points are highlighted as ready reference.
2. Payment in Indian Rupee for Import: As per Regulation 5(2) of Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2000 , payment in Indian Rupee for import into India , when the goods are shipped from Bangladesh, Islamic Republic of Iran,Myanmar, Pakistan and Sri Lanka but supplier is not a resident of these countries . Nepal is excluded from this sub rule of Regulation.
3. Alternatively, Payment for goods shipped from above Countries may also be made into any permitted foreign Currency.
4. Payment for goods shipped from other than above countries are to be made in a currency appropriate to the country of shipment of goods.
