Payment related to foregin exchange
This query is : Resolved
10 February 2012
Daar All
Your expert knowledge on below mentioned matter is awaited by me .
Our Company is going to import a machinery from china , suppose total of 1000 USD . Let supplier is Mr . China and commercial invoices and packaging list will be issued to mr .China Only . But they want to have 30 % payment in favor of their sister concern .
Can we do so , actually our Banker raise a objection on the same . Please advice .
Waiting to hear from you ..
Thanks
Your expert knowledge on below mentioned matter is awaited by me .
Our Company is going to import a machinery from china , suppose total of 1000 USD . Let supplier is Mr . China and commercial invoices and packaging list will be issued to mr .China Only . But they want to have 30 % payment in favor of their sister concern .
Can we do so , actually our Banker raise a objection on the same . Please advice .
Waiting to hear from you ..
Thanks
11 February 2012
Your banker is correct. It would be simple hawala. It is treated as money laundering by rbi. So avoid it.
Cavishalshah@gmail.com
Cavishalshah@gmail.com
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