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Jayanta (Service)     11 July 2019

Forex -fema related query

There is one CIF import and vessel got sunk. At shipper's request, Indian Importer submits insurance claim form and Chinese Insurance Co makes the payment. There will be no Bill of Entry-Hence bank is unable to off set Indian Co's request to part with this amount with the foreign shipper. What is the way out to remit forex to the shipper



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