Form 15CB

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This query is : Resolved

25 June 2020 We as importer received insurance claim from China Insurance Co , as the vessel got sunk and since we did not make any payment to supplier initially. This we are holding in trust and would part with . But Practising CA refuses to sign Form CB citing that insurance code in Form A2 could be used by Insurance co only. Then how to send back money to China based supplier as we on their behalf lodged insurance claim and received the amount. Bank is asking for 15 CA-CB. Kindly guide.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

25 June 2020 This payment falls under payment for import of goods for which no 15CA and 15CB required.
You received compensation for material lost in transit. Normally such imports are on FOB terms ownership of material passed on to you as soon as the material is put onboard the ship. That's why insurance company settled the payment to you.
You have to make the payment to your supplier for supply of goods.

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