Are Form 15CA & 15 CB mandatory for forex payment against import of Raw Material Goods?

[VIjay Lagad]

Dear Sir/Madam

We are regular Importer for Raw Material from China & Germany. While do ing the Telegraphic Transfer payments , now banks are imposing form 15CA & 15CB certified by CA and along with Form A1. Are these forms are mandatory for the forex payments against import of goods for manufacturing or for machinery spare parts?

Please guide.

Thanks & Regards

VIJAY LAGAD,

CMD,SUPERNOVA, Nashik

AI Summary

Tax compliance forms sought by banks can affect foreign remittances for import payments; clarification on their necessity is sought. Whether bankers may require submission of Form 15CA and Form 15CB certified by a chartered accountant, together with the foreign remittance application form, when executing telegraphic transfer payments for import of raw materials or machinery spare parts, raised by a regular importer facing bank insistence on these documents before processing outward remittances.