Advancefor import of machinery forfeited by foreign vender
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 June 2018
Sir, I have paid USD 15000 as advance payment for purchasing of Machinery value of USD 150000 but due to technical reason the import could not be done and advance amount paid to the vender has been forfeited. Now the bank is demanding proof of import such as invoice and bill of entry etc. Its seems that advance amount will not be recovered now. Please suggest me what remedy I have in this case??
Thanking You
Thanking You
CA R SEETHARAMAN
(Expert)
18 June 2018
Obtain a letter from the vendor stating the reason for forefeiture and produce it your Banker.
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