During this pandemic, #SupplyChains are stretched thin and firms that are desperate for raw materials often import them from dubious companies without performing adequate #DueDiligence or #VendorRiskAssessment.
This article by Sachin Dave in The Economic Times highlights how Indian #importers have been hit by fake/ adulterated raw material imports during the pandemic. For eg., an importer of lead ingots received chalk powder instead; an organic chemicals importer received some entirely worthless chemical. Such cases are mounting by the day.
Unfortunately, Indian importers also have to pay Customs Duty and IGST on the basis of such import invoices and then fight hard to get tax and duty refunds.
According to the article, in almost all these cases the overseas suppliers turned out to be fly-by-night operators who coerce the Indian companies to make at least half the payment before they ship the “goods”.
Please be cautious says Kaushal Sampat, Cofounder and CEO of Rubix Data Services, India. Always obtain a #KYC Check and #SupplierRiskReport before making advance payments to new overseas suppliers. Rubix Data Sciences Private Limited will be happy to help! Our email: info@rubixds.com.
