Suppose we have imported goods for around INR 100 L.
However, due to low quality / defective goods, the value is being reduced and assesed to INR 70L and accordingly we will be making payment of INR 70L only to the supplier, & give the debit note to the supplier for balance INR 30L and this 30L will never be paid.
What are the provision/steps to be taken under indian laws (RBI/ Fema, customs) ,or any other relevant law, in order to avoid all kind of consequences which may arise in future.
Please provide your valuable views on this.
You need to pay Customs duty on Import invoice value (making CIF if import is on FOB,CFR etc.). You may pay lesser amount then the Invoice value to the supplier by giving facts in writing to the authorized dealer if import remittance is in FC in case of the import remittance is in INR ( if your import is on High Sea) you may remit the lesser amount in INR through Normal banking channel.
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