FEDAI Rules- Rule 4, Merchanting Trade RULE 4-Merchanting trade Banks will make remittances or open letter of credit in favour of the overseas suppliers provided an advance remittance for the full value or an irrevocable letter of credit for the full value has been received/ opened in favour of the merchanting trader who is not a more financial intermediary. Back-to-back letter will be treated as separate transaction and commission as per Rule 3 II.C. shall be charged to the customer. The banks are allowed to fix Forward Purchase Contract if so desired by the merchant for the difference period of receipt of the proceeds of the on-sale. If foreign currency remittance are received in advance from the overseas buyer, the banks may at the specific request of merchanting trade customer hold the foreign currency funds in their Nostro account without converting the amount into Indian Rupee till the date of payment to the overseas supplier. Bank shall not apply buying and selling rates of exchange. Commission at 0.25% shall not pay interest on such advance remittances or grant Rupee advances against foreign currency funds thus received.
Get Sample Now Which service(s) are you interested in? Export Data Import Data Both Buyers Suppliers Both OR Exim Help + Exim News Date: 29-09-2023 RoDTEP extension to help boost exports, create jobs: CII EXIM committee chairman Date: 29-09-2023 Increased monthly GST collections mainly on account of higher compliance: CBIC chief Date: 29-09-2023 Rice ban export is regulation rather than restriction for food security: India to WTO's agri committ Date: 29-09-2023 Credit growth may moderate to 13-13.5 pc this fiscal: Report Date: 28-09-2023 Infra development is key for making India a $5 trillion economy: Nitin Gadkari Date: 28-09-2023 Canadian farmers may end up paying the price for Justin Trudeau's adventurism Date: 28-09-2023 Diamond industry associations ask members to temporarily stop import of rough diamonds Date: 28-09-2023 India's take-off moment is here, says NITI Aayog VC Suman Bery Date: 27-09-2023 Vivad se Vishwas: Govt accepts over 10k MSME claims worth Rs 256 cr for refunds Date: 27-09-2023 Traders flag slow labour-intensive exports' growth What is New? Date: 27-09-2023 Notification No. 69/2023-Customs (N.T.) Notification to exempt deposits into ECL till 30th November 2023. Date: 27-09-2023 Notification No. 70/2023-Customs (N.T.) Exemption of deposits from the provisions of Section 51 of Customs Act, 1962-reg. Date: 25-09-2023 NOTIFICATION No. 47/2023- Central Tax Seeks to amend Notification No. 30/2023-CT dated 31st July, 2023 Date: 21-09-2023 Notification No. 68/2023 - Customs (N.T.) Exchange Rate Notification No. 68/2023-Cus (NT) dated 21.09.2023-reg. Date: 18-09-2023 Notification No. 46/2023-Central Tax Seeks to appoint common adjudicating authority in respect of show cause notice issued in favour of M/s Inkuat Infrasol Pvt. Ltd. Date: 15-09-2023 Notification No. 56/2023-Customs Seeks to amend No. 19/2019-Customs Date: 15-09-2023 Notification No. 30/2023-Central Excise Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to increase the Special Additional Excise Duty on production of Petroleum Crude and reduce the Special Additional Excise Duty on export of ATF Date: 15-09-2023 Notification No. 31/2023-Central Excise dated the 30th June, 2022 , to reduce the Special Additional Excise Duty on export of Diesel. Date: 15-09-2023 Notification No. 67/2023-CUSTOMS (N.T.) Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg. Date: 14-09-2023 Notification No. 54/2023-Customs seeks to amend notification no. 50/2017-Customs in order to amend various entries relating to Project Imports as a result of Project Import review.
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