Any procedures with Exporter's Bank, if Buyer or Consignee of exports changes?
According to Reserve Bank of India update as on 08th January 2021, the directions on Banking process in India, if Consignee or Buyer changes under and Export transaction? is given below:
C.18 Change of buyer/consignee
Prior approval of the Reserve Bank is not required if, after goods have been shipped, they are to be transferred to a buyer other than the original buyer in the event of default by the latter, provided the reduction in value, if any, involved does not exceed 25 per cent of the invoice value and the realization of export proceeds is not delayed beyond the period of 9 months from the date of export. Where the reduction in value exceeds 25%, all other relevant conditions stipulated in paragraph C.17 should also be satisfied.
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