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Learn MoreLorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book.
Learn MoreLorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book.
Learn MoreA voluntary organisation established on 6th July 1949, BCAS has presently more than 9,000 members from all over the country. BCAS is a principle-centered and learning-oriented organisation promoting quality service and excellence in the profession of Chartered Accountancy.
Learn MoreLorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book.
Learn MoreLorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book.
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This circular permits the payments for export/import of goods/software to be received from third parties, subject to the following conditions:
Export of Goods/Software
a) There must be a firm irrevocable order backed by a tripartite agreement.
b) Third party payment must come from a Financial Action Task Force (FATF) compliant country and through the banking channel only.
c) The exporter must declare the third party remittance in the Export Declaration Form (EDF).
d) It is the responsibility of the Exporter to realise and repatriate the export proceeds from such third party named in the EDF.
e) Banks will continue reporting of outstandings, if any, in the XOS against the name of the exporter. However, instead of the name of the overseas buyer from where the proceeds have to be realised, the name of the declared third party must appear in the XOS.
f) In case of shipments being made to a country in Group II of Restricted Cover Countries, (e.g. Sudan, Somalia, etc.), payments for the same can be received from an Open Cover Country.
Import Transactions
a) There must be a firm irrevocable purchase order/ tripartite agreement in place.
b) Third party payment must be made to a Financial Action Task Force (FATF) compliant country and through the banking channel only.
c) The Invoice must contain a narration that the related payment has to be made to the third party named therein.
d) Bill of Entry must mention the name of the shipper as also the fact that the related payment has to be made to the third party named therein.
e) Importer has to comply with the related instructions relating to imports including those on advance payment being made for import of goods.
f) The amount of an import transaction eligible for third party payment must not exceed $100,000.