Remittances abroad without swift account

Pvt ltd 289 views 1 replies

Company Secretary and Cost Accountant

116 Points Joined May 2008

The facts and circumstances of the case are given below for a private limited company which is a domestic company based in chennai

1. The company will make payments to an overseas supplier for import of Raw material

2. The supplier is based in USA

3. The suppliers bank is not SWIFT compliant

4. Frequency of remittances is going to be regular

5. Nature of Transactions is trading and not accomodative in nature.

The Company has structured obligations with a nationalised bank which does not permit remittances abroad without swift account.

Your suggestions are invited please

Replies (1)

Master in Accounts & high court Advocate

8827 Points Joined December 2011

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