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Last Updated On 27-Mar-2022
Customs, Excise

Banker is not ready to transfer my export funds received

My shipping bill is undervalued to reduce insurance and transport cost for benifiring my customer from Germany. I was not questioned for almost a year as I received funds in INR. But now I received funds in USD and the banker is questioning me for the same. when compared to commercial invoice. Banker is ready to transfer only the shipping value which is 10% of commercial invoice. Can I file a case against the banker? What will be my penalty for undervaluing the shipping bill?

( Chennai, Tamil Nadu )

01-Feb-2022

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A.
Dear Client,

As per the facts mentioned, if they figure out that you’ve undervalued the shipping value then you nay get into big trouble.
Posted On 27-Mar-2022
Vidhikarya
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A.
Dear Client
I need to understand the whole mechanism that you have got with the banker for this commercial transaction. How have you done this- is it through bill discounting or LC that has been open by the bank? Unless that is there how the banker would be concerned on how much money is to be transferred? You need to get me all the details to help you out with this issue. (JFYI I am an ex SBI banker)
Undervaluing the shipping bills will land you into severe troubles from both tax point of view and from FEMA/RBI guidelines on foreign exchange point of view. So you must not do that . There are chances that once the authorities come to know about it they might freeze your account and initiate legal action against you.
Posted On 02-Feb-2022
Abhimanyu Shandilya Advocate Abhimanyu Shandilya
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