Shipping bills open at bank

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This query is : Resolved

JAGDISH KANTIBHAI PATEL (Querist)

22 January 2018 WE ARE MANUFACTURE OF THE CAPITAL EQUIPMENT AND PARTS THERE OF.

WE HAVE SUPPLIED THE PARTS TO OUR CUSTOMER AT TURKEY( IN MULTIPLE SHIPMENT SINCE 2016-17) , FOR WHICH PAYMENT STILL DATE NOT REALIZED.

ANOTHER PART IS THAT WE HAVE TO PAY THE COMMISSION TO SAME CUSTOMER FOR ORDER RECEIVED BY REFERENCE OF THEM, AND THE PAYMENT STILL NOT MADE.

OUR BANKER ARE ASKING FOR CLOSE THE TRANSACTION FOR THE SHIPMENT TO TURKEY.

HOW CAN WE CLOSE THE TRANSACTION ?

PLEASE SUGGEST

CA Suresh Jain

CA Suresh Jain (Expert)

22 January 2018 What were the payment terms ?
Inquire from your bank for extension of Foreign bill realisation

JAGDISH KANTIBHAI PATEL

JAGDISH KANTIBHAI PATEL (Querist)

29 January 2018 Sir, Payment terms was against Delivery, But the Terms were pass out

CA Suresh Jain

CA Suresh Jain (Expert)

29 January 2018 If commission is written in the Purchase order or if there is an agreement with the Commission Agent, you write a letter to the your bank for adjustment of commission with the amount receivable and for the balance amount, if it is not receivable, write to bank for writing off the amount. In such a case you will have to refund the Drawback received by you, if any.

JAGDISH KANTIBHAI PATEL

JAGDISH KANTIBHAI PATEL (Querist)

29 January 2018 No, Sir, Commission is not mentioned in Any Purchase Order,
We are paying the Commission for Activities Like Fill up the Tender of Turkey Govt. for gathering the Turky Govt. Order and Other Non Govt. Order.

JAGDISH KANTIBHAI PATEL

JAGDISH KANTIBHAI PATEL (Querist)

29 January 2018 We can make only Settlement Agreement with the Customer for the Amount Receivables for our Sales and Ampont payable for the Sales Commission and other Expenses Incurred by Customer.
Can we close this issue by these Documents ?

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