Takeover of PCFC from other Bank

This query is : Resolved

ahilan sankaran (Querist)
Follow

03 November 2016 Just a clarification. Is there any process on how to takeover foreign currency packing credit ? I mean how should a bank settle the outstanding of customer's foreign currency packing credit ? In foreign currency or Indian currency

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

03 November 2016 bank will settle it in INR.

ahilan sankaran

ahilan sankaran (Querist)
Follow

03 November 2016 thanks Amol. if it is so, who decides the exchange rate ? also, how can the takeover bank follow up for export of that particular purchases order. who will have the custody of purchase order ? is there any prescribed process for it mentioned somewhere so that I need not disturb experts with more questions

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

03 November 2016 the bank which is taking over the packing credit is authorised dealer under FEMA. (That is why it is agreed to take over packing credit)
The process of transfer is mutually agreed upon between the 2 bankers. The transfer mechanism will take care of these modalities as to from which date the transfer takes place and handing over of the documents.

ahilan sankaran

ahilan sankaran (Querist)
Follow

07 November 2016 ok thank you Amol

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

08 November 2016 you are most welcome.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now