Short realisation of export proceeds - inter bank charge

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This query is : Resolved

Sajjad A Sait (Querist)

17 October 2018 We are an export house based in Kerala. We send documents against exports directly to our buyers. When the buyers send us payment for the full amount we do not receive the full amount and an amount of US$ 30-35 is short received as the same is deducted by the intermediary banks. Our bankers say that unless the full amount is received they will not regularise the bill. Is there any RBI circular or rule that allows our bank to regularise the bill.

Regards
Sajjad

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

17 October 2018 Obtain deduction advice from foreign bankers and give it to your banker as per RBI instructions they will accept it.

Sajjad A Sait

Sajjad A Sait (Querist)

17 October 2018 Sir we are not sure which is the intermediary bank. Our buyer send from his bank and the charges are taken by the u termeduary bank. Also there is no way for us to contact them

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

17 October 2018 If you explain the facts your banker will accept this small deduction as bank charges.

Sajjad A Sait

Sajjad A Sait (Querist)

18 October 2018 I approached my bankers (State Bank of India, Main Branch, Trivandrum), but they say they cant accept it as there is no rule or master circular on this.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

19 October 2018 See the link.
https://m.rbi.org.in//scripts/BS_FemaNotifications.aspx?Id=10256

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