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Format of Inward Remittance For Export Advance

The document is a letter from a company to IndusInd Bank regarding an inward remittance received. It provides details of the currency and amount received from another party as an advance receipt against an export contract. It lists the bank accounts to credit the amounts and declares that 1) goods will be shipped within one year, 2) interest does not exceed LIBOR + 100 basis points, 3) documents will be routed through an AD Bank within 21 days of shipment, 4) the transaction does not involve sanctioned parties or ports, and 5) it does not involve exports to Nepal or Bhutan. It includes a declaration that the transaction does not involve contravention of foreign exchange laws and undertakes to

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Kamlesh Sonare
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427 views2 pages

Format of Inward Remittance For Export Advance

The document is a letter from a company to IndusInd Bank regarding an inward remittance received. It provides details of the currency and amount received from another party as an advance receipt against an export contract. It lists the bank accounts to credit the amounts and declares that 1) goods will be shipped within one year, 2) interest does not exceed LIBOR + 100 basis points, 3) documents will be routed through an AD Bank within 21 days of shipment, 4) the transaction does not involve sanctioned parties or ports, and 5) it does not involve exports to Nepal or Bhutan. It includes a declaration that the transaction does not involve contravention of foreign exchange laws and undertakes to

Uploaded by

Kamlesh Sonare
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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(To be obtained on client’s letter head)

Date:
IndusInd Bank Ltd.,
___________ Branch.

Dear Sir / Madam,

Re: Inward Remittance

We have received an inward remittance of _______________________ (Currency n Amount)


from ______________________________________________________________________
towards advance receipts against export contracts Under RBI Purpose Code – P0103
(Advance receipts against export contracts, which will be covered later by EDF /
SOFTEX - other than Nepal and Bhutan).

Account No to be credited Amount to be credited to with % in bracket

Current A/c No _____________________


( )

OD/ CC A/c No _____________________


( )

EEFC A/c No _____________________


( )

Pre-shipment INR A/c No


_____________________ ( )

Pre-shipment FCY A/c No


_____________________ ( )

We hereby declare that:


1. The shipment of goods will be made within one year from the date from the receipt of
advance payment.
2. The rate of interest, if any, payable on the advance payment does not exceed LIBOR +
100 basis points.
3. The documents covering the shipment will be routed through an AD Bank within 21 days
from the date of shipment.
4. The underlying transaction does not involve, any Party designated under
UN/US/OFAC/EU/HM sanctions and does not involve shipment of goods through any
port / country which is under the UN/US/OFAC/EU/HM sanctions.
5. The remittance does not involve exports to Nepal or Bhutan.
Declaration cum Undertaking
(Under Section 10(5), Chapter III of the Foreign Exchange Management Act, 1999)

I/We hereby declare that the transaction the details of which are specifically mentioned in the
Schedule hereunder does not involve and is not designed for the purpose of any contravention
or evasion of the provisions of the aforesaid Act or any Rule, Regulation, Notification,
Direction or Order made thereunder.

I/We also hereby agree and undertake to give such information/documents as will reasonably
satisfy you about this transaction in terms of the above declaration.

I/We also understand that if I/We refuse to comply with any such requirement or
unsatisfactory compliance therewith, the Bank shall refuse in writing to undertake the
transaction and shall if it has reason to believe that any contravention / evasion is
contemplated by me/us report the matter to the Reserve Bank of India.

* I/We further declare that the undersigned has/have the authority to give this declaration and
undertaking on behalf of the firm/company.

Yours truly,

(Authorized Signatory)

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