Takeover of PCFC from other Bank
This query is : Resolved
ahilan sankaran
(Querist)
03 November 2016
Just a clarification. Is there any process on how to takeover foreign currency packing credit ? I mean how should a bank settle the outstanding of customer's foreign currency packing credit ? In foreign currency or Indian currency
Amol S Joglekar
(Expert)
03 November 2016
bank will settle it in INR.
ahilan sankaran
(Querist)
03 November 2016
thanks Amol.
if it is so, who decides the exchange rate ? also, how can the takeover bank follow up for export of that particular purchases order. who will have the custody of purchase order ?
is there any prescribed process for it mentioned somewhere so that I need not disturb experts with more questions
Amol S Joglekar
(Expert)
03 November 2016
the bank which is taking over the packing credit is authorised dealer under FEMA. (That is why it is agreed to take over packing credit)
The process of transfer is mutually agreed upon between the 2 bankers. The transfer mechanism will take care of these modalities as to from which date the transfer takes place and handing over of the documents.
The process of transfer is mutually agreed upon between the 2 bankers. The transfer mechanism will take care of these modalities as to from which date the transfer takes place and handing over of the documents.
ahilan sankaran
(Querist)
07 November 2016
ok thank you Amol
Amol S Joglekar
(Expert)
08 November 2016
you are most welcome.
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