Power (Accounts) 27 April 2019
Dear Account Experts,
We often import goods from overseas. Most of the time the payment is less than USD20 - USD2000 (INR1,400 - INR1,40,000).
Through the Bank, Tele Transfer charges are about $60 (INR4,200) on both sides (to our account $30 + to receiver account $30).
We are losing huge amount if we use Bank Transfer especially for small amounts.
1. Can we use Director's Credit/ Debit card on PayPal or similar online payment gateway for the payment to import of goods ?
2. We'll reimburse the amount charged to the credit card to Director's Bank account. Is this correct way ?
3. In case of Bank transfer, we get AD (Authorised Dealer) Code which is asked by Customs department for clearance process. In case of PayPal or similar online payment gateway, what would be the equivalent code ?
4. Is there any limit on the amount that can be used by Credit/Debit Card of Director of a company ?
5. Is there any limit for single transaction or total amount of all transaction in a financial year for using credit/debit card of Director for Import payments (overseas transfer) ?
Thanks & Best Regards
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