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Fema

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11 December 2013 dear all ...I have to make payment to outside India to a particular supplier $20000 and also I entitled to received $5000 to same person.... so my query is can I neting off whole transaction and received only $15000 ....but one of the my frd said as per RBI I can't netting off ....pls solve this query....
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C.A. Mayur J. Raiyani

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C.A. Mayur J. Raiyani (Expert)
12 December 2013 You can nett off the pymt. But you should have some instrument (like bill copy) of $ 5000 indicating amount obliged by you while filling 15CA/CB certificate with bank.
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P V Ram

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P V Ram (Expert)
13 December 2013 As per normal circumstances, what your friend said is correct. Netting is not permitted in India.
However as a special case, to clear the Bill of Entry with banker, you need to tell him that you received a credit note from your supplier for $5000 for reason whatsoever it may be and ensure that the BOE is cleared for full value of $20,000 eventhough you pay $15,000 only

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