Advance payment for export, RBI guidelines

 

Indian Union Budget 2016-17, Budget speech pdf .  Click here to read

Exporter’s obligation to RBI on Advance Payment against Exports.


Advance payment for export, RBI guidelinesWhere an exporter receives advance payment (with or without interest), from a buyer outside India, the exporter shall be under an obligation to ensure that the shipment of goods is made within one year from the date of receipt of advance payment; the rate of interest, if any, payable on the advance payment does not exceed London Inter-Bank Offered Rate (LIBOR) + 100 basis points; and the documents covering the shipment are routed through the bank through whom the advance payment is received.

 

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Import tariff changes for cosmetics, oils and resinoids, perfumery under HS code 33 as per new Indian budget

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Comments


Yesvee: Introduce my self, our company name is Yesvee Industries, Coimbatore, India, we have Manufacturer exporter of Paper machinery spares, now we need clarification for one roll Import (purchase) form Italy, but this roll supply (sales) to Malaysia. My Clarification Is: - Buyer from: India Purchase from: Italy End User (supply) to: Malaysia How this good directly supply (sale) to Malaysia. Please clarify in Excise & Customs & RBI Rules and Documentation.

A G KUMARASWAMY: I AM EXPECTING AN ADVANCE PAYMENT FROM FOREIGN IMPORTER.PLEASE INFORM THE PROCEDURE

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