06 January 2009
Dear All, An importer imported capital goods worth EURO 450000. 50% Advance payment was remitted through Bank "A" and after that goods was shipped. Original documents were received through bank "B" and balance 50% payment was remitted through bank "B". Now, as per RBI rules, importer has to submit proof of import i.e. Exchange control copy of bill of entry to bank through which import payment was remitted. In this case what should importer do ? to which bank he should submit bill of entry.
15 January 2009
There is no provision in law to cover this situation. Make a copy of exchange control copy of the BE, get is certified and submit to both the bank with your statement as to what has happened.
CAclubindia
