Foreign remittances-import payment form a1

This query is : Open

Anuraag Sharma (Querist)
Follow

14 May 2012 WE are maufactureres and we have imported some raw material from a compnay in USA ABC Inc.

however ABC Inc does not directly export the raw materials.
Thus, ABC inc first send the material to our parent comapny XYZ Inc which is in USA itself.

and then XYZ Inc ships the material to its subsidiary situated in India.

Bill of Entry contains the name of Shipper as XYZ Inc however Invoice has been raised by ABC Inc itself.

What will be the procedure to pay under form A1 if we want to remit the funds directly to supplier i.e. to ABC Inc Directly????

urgent

NILESHKUMAR

NILESHKUMAR (Expert)
Follow

16 May 2012 It appears from information given by you that your parent company based at USA has procured raw material from ABC and as per agreed payment terms the supplier account will be settled in USA.

This transaction is over here. Now where is the question of showing on Bill of entry the name of ABC inc as it has not exported the goods to you but RM has been exported by your overseas company.

I think you have furnished inedequate details for which you are asking urgent solutions. My dear friend please sen proper query other wise it would be answered incompletely and waste of our time. If this is not possible to desclose ask a consultnat in your city to whom you trust.

As such this needs to be revireed with actual facts.

Anuraag Sharma

Anuraag Sharma (Querist)
Follow

28 May 2012 i have posted proper details sir,

i am reposting it as under-

ABC is nit registered as exporter under USA Custom Laws....thus it transfers material to our parent company situtated in USA

Parent Company exports the material to us In India

Payment terms are Payment must be settled by Indian company to ABC and NOT to the parent company.

Anuraag Sharma

Anuraag Sharma (Querist)
Follow