What if Inward Remittance received under Merchanting Trade transaction is taken in normal Advance against Export and payment is made out of the same fund for Merchanting Trade Payment. Now the Invoice of Merchanting Trade is sitll not clear in Bank, And other Invoices were settled under that Foreign Remittance and Invoice of Merchanting Trade is still pending with bank.
What is the best solution now?
Merchanting Trade Invoice Unsettled: How to File ETX and Request RBI Extension for Export Payment Issues A participant in a discussion forum raised a query regarding a Merchanting Trade transaction where inward remittance received was used for advance against export payments. The issue arises as the Merchanting Trade invoice remains uncleared by the bank, although other invoices were settled with the same remittance. A suggested solution was to file for an ETX and seek an extension from the Reserve Bank of India (RBI). The participant further inquired about the ETX filing process and how to request an extension from the RBI, questioning whether it should be done through a bank or another method. (AI Summary)
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