steph (creative head) (50 Points)
30 December 2019I purchased some product from China(value around 3 lakhs), and I made the mistake of paying through Card instead of Remittance, I have to submit the BOE to bank as per law but Bank is telling me they cannot accept this BOE since the payment was not done using Remittance. Kindly advise me how to solve this problem.
CS M Pota
(Company Secreatary)
(3186 Points)
Replied 31 December 2019
Logically you need to submit Bill of Entry to the Bank of which card you have used for remitting the payment for import.
steph
(creative head)
(50 Points)
Replied 31 December 2019
I know but what happened is the bank is telling me that they can only accept bill of entry for the payments made through remittance, they said that on the software its not reflecting any payment made that they can knock off against the bill of entry.
p.s. are there any professional lawyers or accountants that specialize in these sort of issues? i wouldnt mind consulting one on professional basis to sort out the issue.
CS M Pota
(Company Secreatary)
(3186 Points)
Replied 31 December 2019
Now you do one thing you ask your banker In FEMA where is it written that Bill of ntry can only be accepted if payment is made through remittance ? Secondly the software of bank related to credit card must be showing your payment.
steph
(creative head)
(50 Points)
Replied 31 December 2019
Thanks, I will try again talking to them. Lets see what they say.
RAMESH KUMAR VERMA
(Advocate )
(5965 Points)
Replied 31 December 2019
AGREED WITH EXPERT.
further more information link is :
https://www.rbi.org.in/scriptts/NotificationUser.aspx?Mode=0&Id=10201
steph
(creative head)
(50 Points)
Replied 31 December 2019
| Originally posted by : RAMESH KUMAR | ||
 |
AGREED WITH EXPERT. further more information link is : https://www.rbi.org.in/scripttts/NotificationUser.aspx?Mode=0&Id=10201 |
 |
The link is giving an error.
@ CS Malay M Pota will keep you updated, already sent an email to HDFC Bank. Thanks once again.
steph
(creative head)
(50 Points)
Replied 03 January 2020
| Originally posted by : CS Malay M Pota | ||
|
Please do inform out come | |
So I finally received the following email from HDFC
"This is with reference to your e-mail dated December 31, 2019 with Subject line : "Card Payment for Importing goods".
Remittance of funds from India are subject to statutory Exchange Control Regulations governed by Reserve Bank of India.
Kindly log on to https://www.hdfcbank.com/
You will be required to submit Form A2 at any Branch of the Bank. Please click on below link to download the application form.
https://www.hdfcbank.com/
CS M Pota
(Company Secreatary)
(3186 Points)
Replied 04 January 2020
Thank you for updation.So, it means your problem is resolved.I hope you will be knowing about Form A2, it is a formality as per FEMA to purchase of Foreign Currency for outward remittance for Import.
steph
(creative head)
(50 Points)
Replied 04 January 2020
| Originally posted by : CS Malay M Pota | ||
|
Thank you for updation.So, it means your problem is resolved.I hope you will be knowing about Form A2, it is a formality as per FEMA to purchase of Foreign Currency for outward remittance for Import. |
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Hi, I think the problem is not solved, my query to the bank was whether it is possible to pay through Card or one has to do Remittance, and it looks like they are saying that one has to fill the form A2 and buy foreign currency first before making payment for the import.
CS M Pota
(Company Secreatary)
(3186 Points)
Replied 04 January 2020
Ok then you ask the bank that what does it means they are saying?
CS M Pota
(Company Secreatary)
(3186 Points)
Replied 06 January 2020
Dear Steph,
What does your banker say?
steph
(creative head)
(50 Points)
Replied 06 January 2020
| Originally posted by : CS Malay M Pota | ||
|
Dear Steph, What does your banker say? |
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Hello, i answered their email and asked them to elaborate and make clear if card payment is accepted or not but they usually take 3 or 4 days to answer, they kinda try to make me call their representative and talk to them on the phone, which i feel is quite useless since there is no written record of what they say. When I opened the bank account in HDFC I was told that I will be able to make Remittance for import online and now I discover they dont have such feature, and they also verbally told me to use Card for payment and now i am stuck with this problem.
CS M Pota
(Company Secreatary)
(3186 Points)
Replied 07 January 2020
Dear Steph,
If your banker ask for A2 then you need to ask your banker that you have paid for the item what you have purchased ie for import and for that Form A1 is applicable and not Form A2.Form A2 is applicable for remittance other then physical import.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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