Answer to Question #29989 in Management for PRABIR DAS

Question

One of the companies has entered into MOU with one of the Foreign Service provider. This service provider will assist the Indian Company in servicing foreign vessels that will be passing through Indian Ocean. This Foreign Service provider wants the Indian company to remit advance payment of USD 500,000 which will be adjusted in their future claim. Whether this Indian company is allowed to remit advance payment for import of service? (up to USD 500,000)