This is with regard to a Merchanting Trade Transaction. I was contacted by a domestic company to supply a particular product to their Malaysian Sister Concern. I didn't have that product and was to be purchased from other country.
In this transaction, the Indian company transferred me a sum of Rs. 7.00 Lakhs as a guarantee and assured me that once the product reaches Malaysia, the Malaysian company will remit the funds in FX and I need to refund the amount I received in INR. Situation was very much normal till now. However, the Malaysian company was not satisfied with the product and didn't made the remittance.
This case is active at RBI and I am finding no solution for this.
Please help me.
CAclubindia
