Short payment towards export sale
This query is : Resolved
Dasharath Appa Pujari
(Querist)
19 November 2011
Dear All,
We have done perishable item Export sale on CFR basis to one of our customer in Rotterdam.He has paid us short payment (in USD) towards this sale due to product quality issue.Now we went to bank( Authorised dealer) to close the Forex position by submitting export documents along with original Shipping bill Exchange control copy and realisation proof i.e.FIRC. The bank is reluctant to close the position on the ground of short payment.The bank informed us that the invoice amount,shipping bill amount and amount realised are not matching.The bank has told us to amend the shipping bill according to the amount realised to close the Forex position created.
My question is that, how much deviation is allowed between Invoice amount & amount Realised as per RBI guidelines/circular or notification ?
We have done perishable item Export sale on CFR basis to one of our customer in Rotterdam.He has paid us short payment (in USD) towards this sale due to product quality issue.Now we went to bank( Authorised dealer) to close the Forex position by submitting export documents along with original Shipping bill Exchange control copy and realisation proof i.e.FIRC. The bank is reluctant to close the position on the ground of short payment.The bank informed us that the invoice amount,shipping bill amount and amount realised are not matching.The bank has told us to amend the shipping bill according to the amount realised to close the Forex position created.
My question is that, how much deviation is allowed between Invoice amount & amount Realised as per RBI guidelines/circular or notification ?
RAMESH KUMAR VERMA
(Expert)
19 November 2011
READ THELINK CAREFULLY :
https://www.bcasonline.org/webadmin/Circulars/circfiles/Export.pdf
https://www.bcasonline.org/webadmin/Circulars/circfiles/Export.pdf
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