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BL Switching and payment settlements/ triangular shipments, Customs - Import - Export - Customs - SEZ

Issue Id: - 115075
Dated: 14-6-2019
By:- Nikhil Gupta
BL Switching and payment settlements/ triangular shipments

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Dear Sir

I would like to know some information regarding procedure under triangular shipment.

I receive order for some goods from a company based in UK, and i source the goods from china, to directly export to UK, and i do BL switch once the shipment is at china port.

I would like to understand how payment system works without bill of exchange being generated in India, as the shipment is going directly from china, and i take advance from uk company and pass on to china company now when final shipment is ready Uk company pays me balance amount and i forward the pending amount to china, so what about bill of exchange ? hwo it is handled or how the payment is settled in bank and rbi ?

regards

Nikhil

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