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Payment related to foregin exchange

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(Querist)
10 February 2012 Daar All

Your expert knowledge on below mentioned matter is awaited by me .

Our Company is going to import a machinery from china , suppose total of 1000 USD . Let supplier is Mr . China and commercial invoices and packaging list will be issued to mr .China Only . But they want to have 30 % payment in favor of their sister concern .

Can we do so , actually our Banker raise a objection on the same . Please advice .

Waiting to hear from you ..

Thanks
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Vishal D Shah

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Vishal D Shah (Expert)
11 February 2012 Your banker is correct. It would be simple hawala. It is treated as money laundering by rbi. So avoid it.
Cavishalshah@gmail.com
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