Tools without importing to india, FEMA

[chaganti srinivas]

Dear Sirs, We have developed tool in China and paid the amount except some final amount. Now we wish to keep at some other place in China for getting the moulded parts. Please let me know how to clear the Bank and Customs formalities for payment and clearancec without bringing tool to India. Srinivas

Posts / Replies

[Rama Krishana]

If your making payment for tools or products, it is mandatory to get such products in India within stipulated time. But, if you have to keep the tools outside India, for remittance in foreign exchange from India, in my view, prior permission from RBI must be obtained.