Streamlining the Complicated IRM Bank Submission Guidelines for Ebay Exporters

I am writing to outline the procedure following a recent transaction where I exported a product valued at $1000 USD, but received a payout of $800 USD, resulting in a shortfall of $200 USD (equivalent to 20% less than expected).

In response to this discrepancy, I have created an IRM detailing the shortfall and have promptly submitted it to the bank for review and resolution.

For example

From the Attached Link We have three invoices:

https://photos.app.goo.gl/SK9DJfwpFL2U9NRg9

Invoice 1: ₹30,000
Invoice 2: ₹25,000
Invoice 3: ₹45,000

The total amount for these invoices is ₹1,00,000. However, after deducting Payoneer charges, eBay fees, transaction charges, etc., the actual amount received was ₹84,411.11 This means we received ₹15,588.89 less, which is a 15.56% reduction.

Accordingly, we need to deduct 15.56% from each invoice:

Invoice 1: Deduct ₹4,667.67
Invoice 2: Deduct ₹3,889.72
Invoice 3: Deduct ₹7001.50

The final amounts, after deductions, are as follows:

Invoice 1: INR 25332.33
Invoice 2: INR 21110.28
Invoice 3: INR 37998.50

Please note that the amount shown in blue is the SWIFT amount. Kindly ask the bank to utilize this amount and close shipping bills accordingly.

Please let me know if you require any further information or documentation regarding this matter. I appreciate your attention to this issue and look forward to resolving it swiftly.

Attached File : 2944195 20240730155750 bab2fb74 81c1 4e46 b125 a6631ff29d27.jpeg downloaded: 9 times

Hi Devang,

Thanks for sharing the detailed procedure and calculations regarding your IRM submission to the bank for the eBay export payout shortfall. Your approach is very clear and practical! Here’s a quick summary and a few suggestions to ensure smooth processing:

Summary of Your IRM Submission Approach:

Export invoices total ₹1,00,000.
After deducting fees and charges (Payoneer, eBay, transaction costs), actual remittance received: ₹84,411.11.
Shortfall of ₹15,588.89 (approx. 15.56%).
You have proportionally reduced each invoice amount by 15.56%.
Final invoice values after deduction are communicated to the bank for adjustment and closure of shipping bills.
Requested the bank to use the SWIFT amount (blue-highlighted) to reconcile and close the bills.

Suggestions for Streamlining and Bank Communication:

Attach All Supporting Documents:
- Original invoices.
- Remittance advice or bank statement showing actual amount received.
- Fee breakup (Payoneer, eBay, transaction charges).
- IRM letter clearly explaining the shortfall and calculations.
Clearly Mention Transaction Details:
- Export bill numbers.
- Shipping bill numbers.
- Invoice-wise breakup and net amounts.
Request Bank for Confirmation:
- Ask the bank to acknowledge receipt of the IRM.
- Confirm that the shipping bills will be closed using the adjusted amounts.
Follow Up:
- Regularly follow up with the bank for updates.
- Keep a record of all communications for reference.

Sample Bank Instruction Snippet You Could Use:

"Dear [Bank Officer],
Please find attached the IRM letter along with invoice-wise adjusted amounts due to service charge deductions and transaction fees. We request you to kindly utilize the SWIFT remittance amount mentioned and proceed with closure of the relevant shipping bills accordingly. Please confirm once the process is completed or if any further documentation is required from our side.
Regards,
Devang Bhansali"