I am a merchant trader. I got order from qatar. And sourcing from China. This comes under MTT trade. I got 100% T/T imward remittance. So I disposed the USD using MTT which Is earn marked. Due to pandamic my Chinese supplier can't give product. So the export leg completed transition important leg not started or completed transaction. In this scenario. I found indian supplier can source goods from Thailand and can ship to qatar.
The problem
1. The payments is earn marked and disposed by using export import invoice
2. We need to pay to indian supplier so need to change the purpose code
3. The goods not coming to India
4. We need to remove earn mark and use the fund to pay to indian supplier
5. How to regularise the fund in RBI . Against purpose code
Help this problem
CAclubindia
