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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 May 2010 We are a MNC company who is having different manufacturing sites world wide.One of our customer wants place Purchase Order on us for import of material by Air from Germany plant.The customer also want to remit the money to us in Indian Rupees and in turn we will remit the foriegn exchange to our German Plant.

On the basis of the order from our Indian Customer we will ask our German plant to Airfreight the material to the customer directly in India ( Invoice & Airway bill will be issued in the name of the Indian customer) and the Indian customer will release the material from Customs.In this Invoice it will be shown as sold to us and shipped to the other customer.

We like to get clarification that
1.Whether we can remit the foreign exchange to our Germany plant on behalf of the supplies made?
2.Also what type of documents to be issued to the customer from our end?

Regards,
T.M.Varghese

CA. Prashanth Kumar Jain

CA. Prashanth Kumar Jain (Expert)

11 May 2010 to do transactions of import/export IEC code is required, besides this LOC of importer and EEFC account with banks to comply with FEMA requirements, Bill of lading sent by importer as well as proforma invioce, shipping bill, are the minimum requirement

Querist : Anonymous

Querist : Anonymous (Querist)

11 May 2010 The question is for remitting the foreign exchange we have to submit the Triplicate Bill of Entry to the bank.In this case the Bill of entry is in the name of the customer who has imported the material.

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