Dollar payment for advance deposit
This query is : Resolved
01 September 2017
I am an international facilitator/commission agent. I am resident and citizen of India. I am ordering a product to a Indian company for my foreign buyer. Indian company ask 20 advance deposit, my buyer insists on 10 advance deposit. For a solution, I decided to pay balance 10 deposit from my pocket to Indian company. My foreign buyer pay 10 and I will also pay 10 to Indian company. But this Indian company want all 20 advance deposit in US Dollars. How can I pay my side 10 advance in USD to Indian company. Please advice.
Guest
Guest
(Expert)
02 September 2017
There is no problem at all. You can transfer 10 USD to your foreign buyer and ask him to transfer 20 USD to the Indian supplier. But you have to ensure that you get back commission from foreign buyer + 10 USD. If you dont get back you will be violating FEMA.
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