Agency commission on import of goods - remittence

[satbir singhwahi]

agency commission inadvertantly not declared in shipping bill . whether commission can be remitted in view of this mistake.

AI Summary

Remitting Undeclared Agency Commission: RBI Circular Allows Post-Shipment Declaration with Valid Reasons and Written Agreement An inquiry was made regarding the possibility of remitting an agency commission that was inadvertently not declared in the shipping bill. A response referenced a master circular by the Reserve Bank of India, which allows for the payment of commission by remittance or deduction from invoice value. The conditions for such remittance include that the commission must be declared on specific forms and accepted by relevant authorities. If not declared, remittance may still be permitted if valid reasons are provided and a written agreement for commission payment exists, provided the shipment has already occurred.