Third party payments for export / import transactions

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....rt / import transactions Attention of Authorized Dealer Category - I banks is invited to various provisions of FEMA Notification No. 14 dated May 3, 2000 dealing with the manner of receipt & payment for trade transactions. Normally payment for exports has to be received from the overseas buyer named in the Export Declaration Form (EDF) by the exporter and the payment shall be received in a curr....

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....itions as under: • Firm irrevocable order backed by a tripartite agreement should be in place; • Third party payment should come from a Financial Action Task Force (FATF) compliant country and through the banking channel only; • The exporter should declare the third party remittance in the Export Declaration Form; • It would be responsibility of ....

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....ments to a third party for import of goods, subject to conditions as under: • Firm irrevocable purchase order / tripartite agreement should be in place; • Third party payment should be made to a Financial Action Task Force (FATF) compliant country and through the banking channel only; • The Invoice should contain a narration that the related payment has to be....