Write off Foreign Creditor

[Ram Nath Singh]

Dear Memers,

One of our client Imported Goods from China on Credit three years back and accounted the Purchase and Creditors accordingly.

Now party is claiming that since the party had supplied inferior quality of Material no payment is required to be done.

Now my Question whether there is any Restriction under FEMA or By RBI to write off Foreign Creditors.  

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Thanks and regard.

CA Ram Nath Singh

Partner

Burman Singh And Associates

 Direct Line : +91 33 40066018 Cell : +91 98310 27445 , email:  carnsingh@gmail.com
Head Office: 30 Ganesh Chandra Avenue, 2nd Floor, Flat-6, Kolkata-700013,West Bengal, India
Branches : Dhanbad (Jharkhand), Sitamarhi (Bihar), Gurgaon (Haryana), Sorbhog (Assam)

 

 

[INDERPAL SINGH Pasricha]

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INDERPAL SINGH PASRICHA
c/o I.P. Pasricha & Co.
Chartered Accountants
A31A, First Floor, Ring Road, Rajouri Garden, New Delhi - 110027 
) Board  +911125418722, +911125111233
) Cell  9811048429
ippasricha@gmail

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[vinod goyal]

where is the question of write off, it is a clear case of discount for inferior quality.
credit purchase account and debit the suppliers account.
matter ends.
Fema arises when there is outward remittance,here no remittance is being done.
For a safety and the chance of the supplier claiming in international forum, obtain a credit not e if possible or issue suitable debit note giving the reason and send by official channel.
simultaneously lodge complaint with trade commissioner or embassy also.

Vinod Kumar Goyal,
F.C.A.P.G.D in A.D.R. 
Director: A.N.M.I.,National Board
Director: V G Capital Market Pvt Ltd
Chairman:H.P.L.A.
PartnerV.Goyal & Associates

--------------------------------------------
On Tue, 20/9/16, INDERPAL SINGH Pasricha <ippas...@gmail.com> wrote:

Subject: [CA RUNGTA PD] Re: {ourCAgang} Write off Foreign Creditor
To: ourc...@googlegroups.com
Cc: "Google Groups" <echange-pro...@googlegroups.com>, foru...@googlegroups.com, "Nitesh More" <moreas...@gmail.com>
Date: Tuesday, 20 September, 2016, 6:21 AM

On Wed, Sep 14, 2016
at 6:04 PM, Ram Nath Singh <carn...@gmail.com>
wrote:
Dear Memers,

One of our client Imported Goods from China on
Credit three years back and accounted the Purchase and
Creditors accordingly.
Now party is claiming that since the party had
supplied inferior quality of Material no payment is required
to be done.
Now my Question whether there is any Restriction
under FEMA or By RBI to write off Foreign Creditors.
 


--
Thanks and regard.

CA Ram Nath SinghPartner
Burman Singh And Associates
 Direct Line : +91 33

40066018 Cell : +91 98310 27445 , email:  carn...@gmail.com

ippas...@gmailwww.capasricha.com

 
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transmitted, including any
attachments, is intended only for the person or entity to
which it is addressed
and may contain confidential material. Any review,
retransmission, dissemination or other use of this
information by persons or entities other than the intended
recipient is prohibited, and all liability arising there
from is disclaimed. If
you received this in error, please contact the sender and
delete the material
from any
computer. 

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