Hello!
We are a firm located in Nasik, India. A company from Texas, USA wants to buy 4 of our used machines and transport them to the USA.
My questions are:
What is the procedure to be followed for this purchase? What all documents or agreements need to be signed? Do we need Law signatures on the purchase agreement both from India and USA or just any one?
Your replies are appreciate.
Mohammad
Favorite Answer
1. The question has an Exchange Control angle, apart from other things. The shipping documents have to be rounted through a bank in India(authorised dealer in foreign exchange). Remittance from USA to India will also have to be routed through a bank(authorised dealer in foreign exchange).
2. A bank, being an Authorised Dealer in Foreign Exchange (SBI, BOI, BOB, ICICI Bank, HDFC Bank, etc., etc.) will give necessary guidance in the matter, including the documentation part.
3. Reserve Bank of India has delegated many powers under Foreign Exchange Management Act to Authorised Dealers in Foreign Exchang (banks).
4. Please visit a bank and enquire.
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