TMI BlogThird party payments for export / import transactionsX X X X Extracts X X X X X X X X Extracts X X X X ..... A 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 currency appropriate to the place of final destination as mentioned in the EDF irrespective of the country of residence ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t 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 the Exporter to realize and repatriate the export proceeds from such third party named in the EDF; Reporting of outstandings, if any, in the XOS would continue to be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 made to the (named) third party; Bill of Entry should mention the name of the shipper as also the narration that the related payment has to be made to the (named) third party; Importer should comply with the related extant i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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