SREEKUMAR KANAKKOTT MADAM
New member
- Bank Name
- Standard charted bank, Cochin
- Customer Care Number
- 180030001616
- Loss Amount
- 12375
- Ratings
- Opposite Party Address
- GK ARCADE, CIVIL LINE ROAD JN, BY PASS, PALARIVATTOM, ERNAKULAM, KERALA
I am an NRI holding only NRI accounts in INDIA.
Last year, I paid ICICI Prudential insurance premiums through a Standard Chartered credit card issued for my NRI priority account.
Upon claiming a refund of my GST, ICICI denied the refund because Standard Chartered did not pay the premium through their Nostro account.
Communication from ICICI is below
"Dear Mr. Sreekumar Kanakkott Madam,
This is with reference to your concern pertaining to ICICI Pru GIFT Long Term Plan, Policy number F1658246 and C9527630 held with us.
With reference to the concern raised, we wish to clarify the details as below.
As per latest FEMA regulations (attached), payment made using credit card linked to NRE account can be accepted only when bank issues FIRC i.e. forward inward remittance certificate to the exporter for receipt of consideration for services in foreign convertible exchange. We have checked with our bank for FIRC for the transaction related to the captioned policy, for which bank has denied FIRC, as payment is not received in their NOSTRO i.e., foreign currency account that a domestic bank holds in a foreign bank to handle international transactions.
Since payment is not received in foreign convertible exchange, we are unable to comply with your request to offer GST refund for the payment received from credit card"
I would like to file a complaint against the bank's action, which has not responded to my refund
Last year, I paid ICICI Prudential insurance premiums through a Standard Chartered credit card issued for my NRI priority account.
Upon claiming a refund of my GST, ICICI denied the refund because Standard Chartered did not pay the premium through their Nostro account.
Communication from ICICI is below
"Dear Mr. Sreekumar Kanakkott Madam,
This is with reference to your concern pertaining to ICICI Pru GIFT Long Term Plan, Policy number F1658246 and C9527630 held with us.
With reference to the concern raised, we wish to clarify the details as below.
As per latest FEMA regulations (attached), payment made using credit card linked to NRE account can be accepted only when bank issues FIRC i.e. forward inward remittance certificate to the exporter for receipt of consideration for services in foreign convertible exchange. We have checked with our bank for FIRC for the transaction related to the captioned policy, for which bank has denied FIRC, as payment is not received in their NOSTRO i.e., foreign currency account that a domestic bank holds in a foreign bank to handle international transactions.
Since payment is not received in foreign convertible exchange, we are unable to comply with your request to offer GST refund for the payment received from credit card"
I would like to file a complaint against the bank's action, which has not responded to my refund