Dear Sirs,

We have signed two shipbuilding contracts for Design, Build and Deliver total 5 no Landing Crafts for following parties in Male, Republic of Maldive. Payments are to be made in Maldivian Ruffiya. As per contract signed, the parties have to remit Maldivian Ruffiya to my designated bank account in India. My Bankers are, State Bank of India, Bank of India,& HDFC Bank Ltd., Vasco-da-Gama, Goa. India. Parties are:

1. Waste Management Corporation Limited, with Registred office at Ministry of Finance, Male/Maldive Islands. Building of 3 Landing Craft having total value of MVR 35,320,050.00. Payment due as on date as per contract terms 2 x 3.532 Million= 7.064 Million MVR
The party said that they cannot remit the funds by SWIFT and they shall issue cheque. We discussed the matter with our banker HDFC Bank Ltd., who said get the cheques and deposit in the Bank at Vasco-da-gama Branch Goa/India. We complied with. Cheques were sent for collection to Male - Bank of Maldives, who returned cheques unpaid saying that they will pay only in MVR
currency . Hard copy of the Note of returning of the cheques is yet to reach us from HDFC Bank Ltd., Vasco
.
2. Ministry of Environment & Energy for the Government of the Republic of Maldives : 2 Landing Crafts having total value of 21,900,000.00 MVR for 02 Landing Crafts. 15% or contract Value amounting to 3.285 Million MVR is due for payment.
Party says they shall pay the amount only ON LINE. We have sent them the procedure as prescribed by our Banker HDFC Bank Ltd., Goa. with all data about swift code/IFC etc.Over a month has passed They are yet to reply us in respect of the remittances.

3. Both works were Awarded to us under Global Tendering System where two parties including us from India, Two crom Colombo-Srilanka, One Local party from Maldive in joint venture with a Malaysian party, participated in the Global Bids

4. We understand that Bankers are normaly trading in popular currencies theough their intermidiary bankers.

5. Please advise us the procedure/way out to realise the payments due from our clients enabling us to complete the projects.

6. We understand about the ASIAN CURRENCY UNIT Mechanisim vide your circular number RBI/FED/2015-16/1 dt. 01.01.2016.
can this mechanisim help us in getting our payments? if so how ?

Your early reply will help us immensly.

Thanking you,

Yours faithfully

Jairam I Dialani
Proprietor
Vijai Marine Services,
9, Sapan Terraces, Ground Floor,
Opp Axis Bank, Swatantra Path,
Vasco-da-Gama, Goa 403802
[email protected], [email protected]
cell 9822103821
09.03.2017