04-04-2007, 09:55 PM
Dear Zia,
It is little bit a complex matter. You have not told that whether the import was against documents acceptance through a bank or not? There is also a posibility that the equipment was brought by a person himself on credit and payment was to be made after testing etc and no banking channel is used.
Off course L/C is not compulsory for imports but at least a company has to accept the documents through some bank with a bill of exchange in case the import has been made otherwise than L/C.
In such case, if documents have been received through bank, simply send a request to the bank to debit your account with the required amount and make payment to the supplier in malasia through their banker's account.
If no documents have been received from bank and equipment was brought in person on credit terms (that is very very rare, you will have to contact money dealers (open market). There is no bar on remitting a TT in the name of a company. Rather, it is dificult to remit the amount in some individual's name due to anti-money laundering policies. You must consult some well reputed money dealers. Doing this will only cause you to pay hire foreign currency rate than the bank.
There is no requirement of duduction of tax at source.
Hope you will feel this post helpful.
Mahmood Sahib, Form M is used for making payments of commission to foreign agents against exports as per SBP regulations. I dont know whether or not it has some importance for such payments against imports.
Best regards,
Kamran.
It is little bit a complex matter. You have not told that whether the import was against documents acceptance through a bank or not? There is also a posibility that the equipment was brought by a person himself on credit and payment was to be made after testing etc and no banking channel is used.
Off course L/C is not compulsory for imports but at least a company has to accept the documents through some bank with a bill of exchange in case the import has been made otherwise than L/C.
In such case, if documents have been received through bank, simply send a request to the bank to debit your account with the required amount and make payment to the supplier in malasia through their banker's account.
If no documents have been received from bank and equipment was brought in person on credit terms (that is very very rare, you will have to contact money dealers (open market). There is no bar on remitting a TT in the name of a company. Rather, it is dificult to remit the amount in some individual's name due to anti-money laundering policies. You must consult some well reputed money dealers. Doing this will only cause you to pay hire foreign currency rate than the bank.
There is no requirement of duduction of tax at source.
Hope you will feel this post helpful.
Mahmood Sahib, Form M is used for making payments of commission to foreign agents against exports as per SBP regulations. I dont know whether or not it has some importance for such payments against imports.
Best regards,
Kamran.
