Factor discounting

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 November 2011 sir,
i have purchased some material in my company from singapore based company for Euro XX.
now i have received a letter from City bank saying i need to pay them(factor discounting)...i have approached my banker IDBI bank but they are suggesting that bank can pay to the singapore based company from where we have purchased goods n not to the City bank....
plz advice what should be done n which bank should i approach..

thanks in advance

CMA Nishad Patkar

CMA Nishad Patkar (Expert)
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30 November 2011 Usually receipts and payment transaction in the currency other than domestic currency routed through bank to bank. Only your Banker is the right person who can guide you in this case.