Tools without importing to india

[chaganti srinivas]

Dear Sirs, We have developed tool in China and paid the amount except some final amount. Now we wish to keep at some other place in China for getting the moulded parts. Please let me know how to clear the Bank and Customs formalities for payment and clearancec without bringing tool to India. Srinivas

AI Summary

Guidance Sought for Payment and Clearance of Tools Kept Abroad Without Importing to India; RBI Permission Required A party developed a tool in China and has mostly paid for it, intending to keep it in China for molding parts without importing it to India. They seek guidance on bank and customs formalities for payment and clearance. A respondent advises that while payments for tools typically require importing them to India within a set timeframe, keeping the tools abroad necessitates obtaining prior permission from the Reserve Bank of India (RBI) for foreign exchange remittance.