Requirement under FEMA &RBI
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31 July 2026
Sir
One Pvt Ltd Company import spare parts from singapur. Latter it was found that a good number of spares are defective and so rejected. The indian company(importer) inform the Singapur Company about this fact.The Singapur company in turn wave the entire sale price due from Indian Pvt company(importer).
My query is what is the compliance required to comply under RBI/FEMA exclusively?
There is no problem in compliance in accounts and Income Tax Part .
Regards
Abhijit
One Pvt Ltd Company import spare parts from singapur. Latter it was found that a good number of spares are defective and so rejected. The indian company(importer) inform the Singapur Company about this fact.The Singapur company in turn wave the entire sale price due from Indian Pvt company(importer).
My query is what is the compliance required to comply under RBI/FEMA exclusively?
There is no problem in compliance in accounts and Income Tax Part .
Regards
Abhijit
31 July 2026
To comply with RBI/FEMA rules, the Indian importer must approach their AD Category-I Bank with proof of defect (quality/inspection report) and a waiver/credit note from the Singapore supplier. The bank will process the write-off under RBI delegated powers and close/regularize the outstanding Bill of Entry in IDPMS. If the amount exceeds the bank’s delegated authority, prior approval from the RBI Regional Office must be obtained through the AD bank.
31 July 2026
My sincere thanks To Sir Aashok Kumar Sharma for elaborately discuss the compliance under RBI/FEMA.
Is there any specific Form .(Like we used in Income Tax Act & MCA filing).
Regards
Abhijit
Is there any specific Form .(Like we used in Income Tax Act & MCA filing).
Regards
Abhijit
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