We, a Merchanting trader cum Manufacturer, had opened an Import LC [ SBI] in favour of Germany Manufactuter as per import leg with a corresponding firm export order for supply to Indonesia, directly from Hamburg Port. LC did not mention MTT. For some reasons, Imported cargo was taken to Indian Port and customs cleared under Bill of Entry.
Subsequently, we effected a normal export to the same client in Indonesia against that particular Order.
Based on our declaration given to Bank 3 years back, bank is now reminding us to give export evidence to close MTT cycle.
How to make alignment of that " initiated, half finished MTT to normal export" ? We are worried about penal action.
CAclubindia
