Dear
We have received export advance from one of Iranian customer for supply of goods. Now customer does not want to take delivery and release balance payment.
Can we forfeit advance so received. Advance was received through UCO bank in INR.
Please let know if some one has idea to dealt such situation.
Advance Payment Forfeiture Depends on Contract Terms, Consult Master Circular No. 14/2012-2013 for Guidance A query was raised regarding the forfeiture of an advance payment received from an Iranian customer who no longer wishes to take delivery or release the remaining balance for goods. The advance was received in Indian Rupees through UCO Bank. A response suggested consulting Master Circular No. 14/2012-2013 dated 02-07-2012 and emphasized that the ability to forfeit the advance depends on the specific terms and conditions outlined in the contract. (AI Summary)
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