We are MNC company in india and our counterpart in USA. We need to procure a shaft from our USA office and the shaft is not available. so our USA office advice to procure the shaft from their supplier who s located in Australia. So purchase order and payment will transfer to our USA office and we will bring the material from Australian Supplier to India..(Our USA office will settle to Australian suuplier)
In this connection How we will settle the transaction in IDPMS by ICEGATE
FEMA import payment compliance issues arise when an Indian company routes overseas supplier payments through its USA office. Import-payment compliance under FEMA is raised for an Indian company importing a shaft from an Australian supplier through its USA office, where the purchase order and payment are routed through the USA office and the goods are brought into India. The issue concerns how such a transaction should be settled in IDPMS through ICEGATE when the overseas office pays the supplier abroad and the import is recorded in India. (AI Summary)
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