Dear Experts,
We are OEM Manufacturer, we imported (bought) an accessory of our machine for a new implementation, the item was imported in Sep-2018 but not yet paid against the import invoice. The imported item is not matched for our specification, hence the supplied vendor asking us to return the same item as purchase return.
Please guide us on how to process this transaction and how to close the IDPMS document(import documentation process in RBI)
OEM Manufacturer Seeks Duty Drawback for Non-Compliant Import Under Article 74 of Customs Act 1962; Plans Re-Export Process An OEM manufacturer faced issues with an imported machine accessory not meeting specifications and sought advice on re-exporting it as a purchase return. Experts suggested using Article 74 of the Customs Act 1962, which allows for re-export with duty drawback, provided the goods are in original condition and re-exported within two years. The process involves preparing specific documentation and possibly obtaining a GR waiver from the bank. Additional considerations included handling delays, related party transactions, and ensuring compliance with banking and customs regulations for re-export without replacement or re-import. (AI Summary)
TaxTMI 
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TaxTMI 
