( Author )
03 July 2009
OUr Company regularly imports Equpt spares from our OEM & chemicals for our operations,both Non Residents for which payment is made thru L/Cs at sight. So far our Authorised Dealer never insisted for any document,viz, Order u/s 195(2) or CA certificate for establishing or payment thru L/C .
In view of the new CBDT provisions, please clarify:
1) Whether both Form 15CB (CA Certificate) & Form 15CA are required for payemnt thru L/Cs
2) If yes,at what point of time these forms Form 15CA is to be submitted? a) While Opening L/C or b) while retiring L/C.
3)In case of a) it is not possible to know the date of remittance as LC specifies only Latest date of shipment+21 days for negotiation.
,In case of b)exact date of remittance by negotiating/ advsising/ correspondent bank to NR cannot be known to remitter. So what date should be mentioned in "proposed date of remittance"?