A Shipper (exporter/supplier) of the goods normally hires a freight forwarder (forwarding agent) or Non-Vessel Operating Common Carrier (NVOCC) in order to arrange transportation of his goods to a foreign destination. Once receiving cargo from shipper freight forwarder inspects the cargo to verify that the consignment received by them is without damages. The freight forwarder…
Edited and republished on July 2,2021 The Government of India has approved the extension of the Interest Equalization Scheme for pre-shipment and post-shipment Rupee export credit, with the same scope and coverage, for three more months i.e., up to September 30, 2021. The extension takes effect from July 01, 2021, and ends on September 30,…
Above and beyond, normal channels of remittance to India from cross-borders(abroad), there are two more channels for receiving inward remittances, viz. Rupee Drawing Arrangement (RDA) and Money Transfer Service Scheme (MTSS) which are the most common arrangements under which the remittances are received into our country. Rupee Drawing Arrangement (RDA) is a way of transferring…
Above and beyond, normal channels of remittance to India from cross-borders (overseas jurisdiction), there are two more channels for receiving inward remittances, viz. Rupee Drawing Arrangement (RDA) and Money Transfer Service Scheme (MTSS) are the most common arrangements under which the remittances are received into India. Money Transfer Service Scheme (MTSS) is the most common…
ISO 20022 (pronounced ‘ISO twenty-oh-twenty-two’) or Universal financial industry message scheme (also called” UNIFI”) is a global standard for exchanging electronic messages between financial institutions. The ISO 20022 standard covers financial information transferred between financial institutions that include payment transactions, securities trading, and settlement information, credit as well as debit card transactions, Foreign Exchange transactions,…
On February 16, 2021 (Tuesday) RBI in a notification said AD Category – I banks may allow resident individuals to make remittances under LRS (Liberalised Remittance Scheme) to IFSCs (International Financial Services Centres) in India, set up in India under the Special Economic Zone Act, 2005 subject to the following conditions: The remittance shall be…
In the Statement on Development and Regulatory Policies dated December 4, 2020, RBI announced greater flexibility to AD banks in the areas like Direct Dispatch of Shipping Documents, /“Write-off” of unrealized export bills, /Set-off of Export receivables against Import payables/ as well as ‘Refund of Export Proceeds of goods from India’. In terms of RBI…
RBI permits AD banks to Set-off outstanding export receivables against outstanding import payables from/to the same overseas buyer/supplier. In the Statement on Development and Regulatory Policies dated December 4, 2020, RBI announced greater flexibility to AD banks in the areas like Direct Dispatch of Shipping Documents, / “Write-off” of unrealized export bills,/ Refund of Export…
As announced in Statement on Development and Regulatory Polices dated December 4, 2020, RBI revised extant procedure and delegates the grater flexibility to AD banks in respect of “write-off” of unrealized export bills. The exporter other than the Status Holder Exporter may self-write off 5% of total export proceeds realized during the calendar year proceeding…
As announced in Statement on Development and Regulatory Policies dated December 4, 2020, RBI delegates more power to AD banks in the areas like Direct Dispatch of Shipping Documents, “Write-off” of unrealized export bills, Set-off of Export receivables against Import payables, Refund of Export Proceeds. Direct Dispatch of Shipping Documents: With a view to simplifying…