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Currency Policies in India

I am from Mumbai, India. I am a small merchandiser. If I Import some merchandise from China, how can I pay them? For example, how much foreign currency would be made available to me from India’s government? In what form? Cash / DD / bank transfer? Please let me know in detail or who will guide me in Mumbai? I can visit him personally.

ANSWER:

I am afraid the government policies in India are outside of our area of expertise at the CSIC, but perhaps one of the international banks could help you get those questions answered. I have had good experience with HSBC and I am sure they are in Mumbai too.  Speaking of Mumbai, CSIC will have a booth and also host a conference on China sourcing at the Global Sources Trade show in Mumbai. Here is the link:

http://tradeshow.globalsources.com/TRADESHOW/CHINA-SOURCING-FAIRS/MUMBAI.HTM?source=TSCCSF_LOCATION_GS

Sorry I didn’t have an answer about the currency policies in India, but here are some links to articles I think you will find interesting regarding China side payments.

Best Practices : paying Chinese suppliers

Payment terms in China

Payment tied to Performance = Protected Buyer

Protecting yourself through better Quality Control

Problems with companies accepting credit cards in China

Wishing you successful China sourcing!

Question answered by Mike Bellamy, host of “Ask the Experts” at the China Sourcing Information Center.

Mike Bellamy is an Advisory Board Member & Featured Blogger at the not-for-profit China Sourcing Information Center (www.ChinaSourcingInfo.org). He is also the author of, “The Essential Reference Guide to China Sourcing” (chinasourcinginfo.org/book) and founder of PassageMaker Sourcing Solutions (www.PSSchina.com )




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