Dear sir
We have purchased UV lamp from China.
This China company provide us his personal account. because his company account is not accepted foregn currency.
We remit money to his personal account with inv & packing .
but China bank, ICBC not accepted this payment because this is payment of goods to personal account.
It must be company account and the account company name should be matched with invoice.
So, Chinese said to me, to receive this payment, please change the payment mode to tuition, accessory, living fee etc.
For payment of goods, can we change the payment mode with support inv and remit to personal account ?
Can it be audit problem ?
Payment to Personal Account for Goods Rejected by Bank; May Violate FEMA Provisions, Consult Authorized Dealer for Guidance. A user inquired about a payment issue involving a purchase from a Chinese company, which provided a personal account for foreign currency transactions since their company account could not accept such payments. The Chinese bank, ICBC, rejected the payment because it was for goods sent to a personal account, which must instead be a company account matching the invoice. The Chinese company suggested altering the payment description to non-goods categories like tuition or living fees. A respondent advised that such transactions might violate FEMA provisions and recommended consulting an Authorized Dealer for guidance. (AI Summary)
TaxTMI 
TaxTMI 
