{"id":26102,"date":"2026-02-25T16:39:21","date_gmt":"2026-02-25T11:09:21","guid":{"rendered":"https:\/\/blog.razorpay.in\/blog\/?p=26102"},"modified":"2026-04-14T15:27:28","modified_gmt":"2026-04-14T09:57:28","slug":"p0108-purpose-code-merchanting-trade-rbi","status":"publish","type":"post","link":"https:\/\/razorpay.com\/blog\/p0108-purpose-code-merchanting-trade-rbi\/","title":{"rendered":"P0108 Purpose Code Guide: Mastering Merchanting Trade Receipts"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Indian traders who buy and sell goods globally without the cargo touching Indian soil face unique regulatory challenges. In merchanting trade, an Indian trader purchases goods from Germany and sells them to Brazil, with the shipment moving directly between these countries. This triangular trade model creates a regulatory hurdle: since goods never enter Indian customs, standard export codes like P0101 do not apply.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The solution lies in the <\/span><b>P0108 purpose code<\/b><span style=\"font-weight: 400;\">, the specific RBI-mandated classifier for receiving these &#8216;export leg&#8217; proceeds. Without proper compliance, traders risk frozen funds and lengthy investigations. The &#8216;One-Bank&#8217; rule mandates routing both payments and receipts through the same authorised dealer, while the mandatory profitability requirement ensures that every transaction generates net profit.<\/span><\/p>\n<div style=\"border-left: 4px solid #0073aa; background: #f0f8ff; padding: 15px; margin: 20px 0; border-radius: 5px;\">\n<h2 style=\"color: #0073aa; font-size: 18px; margin: 0 0 8px 0; display: inline-block;\">Key takeaways<\/h2>\n<ul style=\"display: inline-block; margin: 0 0 0 10px; padding-left: 18px; vertical-align: top;\">\n<li><strong>Core Definition:<\/strong> P0108 is the mandatory <a href=\"https:\/\/razorpay.com\/blog\/rbi-purpose-code-remittance-compliance-guide\/\">RBI purpose code<\/a> for the export leg of Merchanting Trade, where goods move directly between two foreign countries without entering India.<\/li>\n<li><strong>Critical 2025 Update:<\/strong> As of November 2025, the RBI has extended the export proceeds realisation period to fifteen months, improving cash flow management for traders.<\/li>\n<li><strong>The One-Bank Rule:<\/strong> To ensure compliance, you must route both the import payment (S0108) and the export receipt (P0108) through the same Authorised Dealer (AD) Bank.<\/li>\n<li><strong>Mandatory Profitability:<\/strong> Every single merchanting transaction must generate a net profit; the RBI requires gross reporting of both legs.<\/li>\n<li><strong>Documentation Requirements:<\/strong> Unlike standard exports, merchanting trade relies on back-to-back contracts and shipping documents instead of customs paperwork.<\/li>\n<\/ul>\n<\/div>\n<h2><b>What Is the P0108 Purpose Code?<\/b><\/h2>\n<p>The regulatory framework for merchanting trade begins with understanding its specific purpose code. P0108 purpose code is the RBI-designated code for &#8220;Goods sold under merchanting\/receipt against export leg of merchanting trade&#8221;. This classification applies exclusively to inward remittances in merchanting transactions.<\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"> P0108 applies only when an Indian entity acts as an intermediary between two foreign parties.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> The code is specifically for inward remittances (money coming in), while the corresponding outward payment uses S0108.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Goods must never cross the Indian Customs Frontier for the transaction to qualify.<\/span><\/li>\n<\/ul>\n<h2><b>What Qualifies as a Merchanting Trade Transaction (MTT)?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Understanding P0108&#8217;s application requires clarity on what constitutes merchanting trade. The RBI defines this as transactions where an Indian resident enters into back-to-back contracts, purchasing goods from a foreign seller and selling them to a foreign buyer without the goods entering India. Let&#8217;s examine the specific requirements.<\/span><\/p>\n<h3><b>The &#8216;Foreign-to-Foreign&#8217; Shipment Rule<\/b><\/h3>\n<ul>\n<li><span style=\"font-weight: 400;\"> Goods must move from the supplier country directly to the buyer country.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> If goods enter India (even for warehousing in a DTA), it ceases to be merchanting.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Documentation must prove that the port of loading and discharge is both outside India.<\/span><\/li>\n<\/ul>\n<h3><b>The Role of the Indian Intermediary<\/b><\/h3>\n<ul>\n<li><span style=\"font-weight: 400;\"> The Indian entity acts as the principal in the contract, not an agent.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> There must be two distinct back-to-back contracts: one for purchase, one for sale.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> The entity earns a trading margin (profit), not a commission.<\/span><\/li>\n<\/ul>\n<h2><b>What Are the Key RBI Guidelines for P0108 Compliance?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">With merchanting trade clearly defined, traders must navigate specific RBI compliance requirements. The Master Direction on Export\/Import of Goods &amp; Services outlines strict guidelines for P0108 transactions. Failure to meet these limits can result in the RBI caution-listing.<\/span><\/p>\n<h3><b>The 15-Month Transaction Timeline<\/b><\/h3>\n<ul>\n<li><span style=\"font-weight: 400;\"> The export proceeds must be realised and repatriated within fifteen months, as per the November 2025 FEMA amendment.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> This extension from the previous nine-month period provides significant relief for traders managing longer credit cycles.<\/span><\/li>\n<\/ul>\n<h3><b>The Export Proceeds Realisation Rule<\/b><\/h3>\n<ul>\n<li><span style=\"font-weight: 400;\"> All export-leg receipts must be repatriated to India within the prescribed timeline.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> AD banks must report the transaction through FETERS\/ORFS systems with proper documentation.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Extensions beyond fifteen months require specific AD bank approval.<\/span><\/li>\n<\/ul>\n<h3><b>Mandatory Profitability and One-Bank Rule<\/b><\/h3>\n<ul>\n<li><span style=\"font-weight: 400;\"> Every specific MTT must show a net profit; losses are generally not permitted.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Both the Import Leg (S0108) and Export Leg (P0108) must be routed through the same AD Bank.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Banks must perform &#8216;one-to-one matching&#8217; of the outflow and inflow.<\/span><\/li>\n<\/ul>\n<h2><b>P0108 vs. P0101: Which Code Should You Choose?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The RBI&#8217;s strict compliance framework necessitates choosing the correct purpose code. Using P0101 for merchanting triggers a demand for a Shipping Bill, which doesn&#8217;t exist for merchanting. Conversely, using P0108 for standard exports is illegal as it bypasses customs reporting.<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>Feature<\/b><\/td>\n<td><b>P0108 (Merchanting)<\/b><\/td>\n<td><b>P0101 (Standard Exports)<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Goods Movement<\/b><\/td>\n<td><span style=\"font-weight: 400;\">Foreign-to-foreign only<\/span><\/td>\n<td><span style=\"font-weight: 400;\">From India to foreign buyer<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Customs Doc<\/b><\/td>\n<td><span style=\"font-weight: 400;\">No Shipping Bill\/Bill of Entry<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Requires Shipping Bill<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Documentation<\/b><\/td>\n<td><span style=\"font-weight: 400;\">Back-to-back contracts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Export invoice and customs clearance<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>RBI Purpose<\/b><\/td>\n<td><span style=\"font-weight: 400;\">Export leg of merchanting trade<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Physical export of goods<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><b>When to Use Purpose Code P0101<\/b><\/h3>\n<ul>\n<li><span style=\"font-weight: 400;\"> Use when goods physically originate from India<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Requires a Shipping Bill and Customs clearance<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Subject to standard GST zero-rated supply rules<\/span><\/li>\n<\/ul>\n<h3><b>When to Use Purpose Code P0108<\/b><\/h3>\n<ul>\n<li><span style=\"font-weight: 400;\"> Use when goods move directly between two foreign countries<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> No Shipping Bill or Bill of Entry is generated<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Requires back-to-back contracts instead of customs docs<\/span><\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a style=\"background-color: #1a73e8; color: #ffffff; font-weight: 800; padding: 7px 15px; border-radius: 7px; font-size: 16px; text-decoration: none; display: inline-block; white-space: nowrap;\" href=\"https:\/\/razorpay.com\/international-payment-gateway-india\/?utm_source=blog&amp;utm_medium=referral&amp;utm_campaign=internationalpayments\">Explore Razorpay&#8217;s Global Payment Solutions<\/a><\/p>\n<h2><b>Which Documents Does Your Bank Need for P0108?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Choosing the correct code is only the beginning; proper documentation ensures smooth processing. Banks require stricter documentation for P0108 transactions because there is no government customs data to cross-verify. The requirements differ for each leg of the transaction.<\/span><\/p>\n<div style=\"border-left: 4px solid #0073aa; background: #f0f8ff; padding: 15px; margin: 20px 0; border-radius: 5px;\">\n<h2 style=\"color: #0073aa; font-size: 18px; margin: 0;\">Did You Know?<\/h2>\n<p style=\"margin-top: 10px;\"><i><span style=\"font-weight: 400;\">Many large AD banks charge FIRC issuance fees typically ranging from \u20b9200 to \u20b9500 per certificate, with HDFC Bank listing their FIRC charge at \u20b9200[8].<\/span><\/i><\/p>\n<\/div>\n<h3><b>Proof of Trade (Contracts &amp; Invoices)<\/b><\/h3>\n<ul>\n<li><span style=\"font-weight: 400;\"> Confirmed Purchase Order or Contract with the Overseas Supplier<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Confirmed Sales Order or Contract with the Overseas Buyer<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Commercial Invoices for both legs showing value difference (profit)<\/span><\/li>\n<\/ul>\n<h3><b>Proof of Shipment (Transport Docs)<\/b><\/h3>\n<ul>\n<li><span style=\"font-weight: 400;\"> Full set of Bill of Lading (BL) or Airway Bill (AWB)<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Docs must show Port of Loading and Port of Discharge are outside India<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Bank may accept non-negotiable copies if authenticated<\/span><\/li>\n<\/ul>\n<h2><b>Does GST Apply to P0108 Transactions?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Documentation requirements extend beyond RBI compliance to tax considerations. Merchanting trade falls under Schedule III of the CGST Act, which classifies it as &#8220;neither supply of goods nor services&#8221;. This unique classification creates specific tax implications for traders.<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"> IGST does not apply to merchanting trade transactions<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> The turnover may still need reporting in GST returns as &#8216;Non-GST Supply&#8217;<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> No input tax credit implications arise from merchanting activities<\/span><\/li>\n<\/ul>\n<h2><b>How to Streamline Your International Payment Receipts<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Tax clarity allows traders to focus on operational efficiency. Using a payment partner that understands purpose codes eliminates the friction of traditional banks, which often require manual FIRC requests and branch visits. Modern solutions automate compliance for smoother operations.<\/span><\/p>\n<h3><b>Using Traditional Banks (AD Category I)<\/b><\/h3>\n<ul>\n<li><span style=\"font-weight: 400;\"> Necessary for the core merchanting approval<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Often involves manual submission of paper documents<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Can lead to delays in crediting funds due to compliance checks<\/span><\/li>\n<\/ul>\n<h3><b>Razorpay MoneySaver Export Account<\/b><\/h3>\n<ul>\n<li><span style=\"font-weight: 400;\"> Offers international accounts (USA, UK, Canada) for easy collection.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Provides automated digital FIRC for standard export compliance.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Reduces forex markups significantly compared to traditional SWIFT transfers.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Simplifies the receipt leg of your global trade operations.<\/span><\/li>\n<\/ul>\n<h2><b>How Razorpay MoneySaver Simplifies P0108 Receipts<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Building on streamlined processes, specific features address the complexities of merchanting trade.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Global Collections<\/b><span style=\"font-weight: 400;\"> enables opening virtual accounts in key currencies (USD, GBP, EUR) to collect payments from foreign buyers as if you were a local entity, simplifying the P0108 receipt leg.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Automated compliance<\/b><span style=\"font-weight: 400;\"> provides digital FIRCs for every transaction, essential documents your AD Bank needs to verify and close the merchanting trade loop.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Cost Efficiency<\/b><span style=\"font-weight: 400;\"> saves significantly on forex markups compared to traditional SWIFT transfers, directly improving the mandatory net profit margin required for P0108 compliance.<\/span><\/li>\n<\/ul>\n<div style=\"border-left: 4px solid #0073aa; background: #f0f8ff; padding: 15px; margin: 20px 0; border-radius: 5px;\">\n<p style=\"color: #0073aa; font-size: 18px; margin: 0;\"><strong><span style=\"color: #0073aa;\"><span style=\"font-size: 18px;\">Pro Tip: <\/span><\/span><\/strong><span style=\"color: rgba(0,0,0,0.74); font-size: 19px; font-weight: 400;\">Maintain separate folders for each merchanting transaction, including purchase contracts, sale contracts, shipping documents, and payment receipts, to expedite bank verification.<\/span><\/p>\n<\/div>\n<h2><b>Conclusion<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The <\/span><b>P0108 purpose code<\/b><span style=\"font-weight: 400;\"> serves as the specialised classifier for export-leg receipts in merchanting trade, where goods move directly between foreign countries without entering India. Traders must navigate the fifteen-month realisation timeline, mandatory profitability requirements, and strict one-bank discipline to avoid RBI compliance issues.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Success in the merchanting trade requires meticulous documentation, proper use of purpose codes, and efficient payment processing. Modern payment tools like Razorpay&#8217;s platform automate compliance documentation and reduce forex costs, addressing the core challenges of P0108 transactions.<\/span><\/p>\n<div style=\"background: #f5faff; border-radius: 14px; padding: 30px; text-align: center; margin: 42px 0; box-shadow: 0 8px 20px rgba(26,115,232,0.08);\">\n<h2 style=\"color: #1a73e8; font-size: 24px; font-weight: bold; margin-bottom: 12px;\"><strong>Simplify International Payments with Razorpay<\/strong><\/h2>\n<p style=\"color: #444; font-size: 16px; max-width: 720px; margin: 0 auto 18px; line-height: 1.6;\"><strong>Collect in USD\/GBP\/EUR via virtual accounts, get instant digital FIRCs for AD bank closure, and cut forex markup costs to protect P0108 net margin.<\/strong><\/p>\n<p><a style=\"display: inline-block; background: #1a73e8; color: #ffffff; padding: 14px 26px; font-size: 16px; font-weight: bold; border-radius: 10px; text-decoration: none;\" href=\"https:\/\/razorpay.com\/accept-international-payments\/bank-transfers\/?utm_source=blog&amp;amp;utm_medium=referral&amp;amp;utm_campaign=internationalpayments%22%3E%3Cem%3E%3Cstrong%3ERazorpay%E2%80%99s&quot;\">Explore Razorpay\u2019s MoneySaver Export Account<\/a><span style=\"font-size: 19px; background-color: #ffffff;\">\u00a0<\/span><\/p>\n<\/div>\n<h2><b>FAQs<\/b><\/h2>\n<h3><b>Q1. What is the primary function of the P0108 purpose code?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">The P0108 purpose code classifies inward remittances received for the export leg of a merchanting trade transaction, where goods are shipped directly from a foreign supplier to a foreign buyer. It ensures accurate RBI reporting for transactions in which goods never enter Indian customs territory.<\/span><\/p>\n<h3><b>Q2. What is the new export proceeds realisation timeline for 2025?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Effective November 2025, the RBI has extended the export proceeds realisation period from nine months to fifteen months. This change gives traders additional time to repatriate funds while remaining fully compliant with FEMA regulations.<\/span><\/p>\n<h3><b>Q3. Is a Shipping Bill required for P0108 transactions?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">No. Since the goods do not cross the Indian Customs Frontier, no Shipping Bill or Bill of Entry is generated. Banks verify such transactions using back-to-back contracts and transport documents that demonstrate foreign-to-foreign movement of goods.<\/span><\/p>\n<h3><b>Q4. Can different banks be used for the import and export legs?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">No. RBI guidelines require that both the import leg (S0108 payment) and the export leg (P0108 receipt) be routed through the same Authorised Dealer bank. This ensures proper reconciliation and one-to-one matching of merchanting trade transactions.<\/span><\/p>\n<h3><b>Q5. Is GST applicable to merchanting trade transactions?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">No. Under Schedule III of the CGST Act, merchanting trade is treated as neither a supply of goods nor a supply of services. GST is not applicable; however, the turnover must be disclosed as a Non-GST Supply in GST returns.<\/span><\/p>\n<h3><b>Q6. Is it mandatory to make a profit on every merchanting trade?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Yes. RBI regulations require each individual merchanting trade transaction to result in a net profit for the Indian entity. Losses from one transaction cannot be offset against profits from another.<\/span><\/p>\n<h3><b>Q7. What happens if the goods inadvertently enter India?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">If the goods enter India\u2019s Domestic Tariff Area, the transaction no longer qualifies as merchanting trade and is treated as a regular import\u2013export transaction. In such cases, different purpose codes, such as P0101, apply along with full customs compliance requirements.<\/span><br \/>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"FAQPage\",\n  \"mainEntity\": [\n    {\n      \"@type\": \"Question\",\n      \"name\": \"What is the primary function of the P0108 purpose code?\",\n      \"acceptedAnswer\": {\n        \"@type\": \"Answer\",\n        \"text\": \"The P0108 purpose code classifies inward remittances received for the export leg of a merchanting trade transaction, where goods are shipped directly from a foreign supplier to a foreign buyer. 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This triangular trade model creates a regulatory hurdle: since goods never enter Indian customs,<\/p>\n","protected":false},"author":86,"featured_media":26667,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1067],"tags":[],"class_list":{"0":"post-26102","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-cross-border"},"_links":{"self":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/26102","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/users\/86"}],"replies":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/comments?post=26102"}],"version-history":[{"count":3,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/26102\/revisions"}],"predecessor-version":[{"id":26105,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/26102\/revisions\/26105"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/media\/26667"}],"wp:attachment":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/media?parent=26102"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/categories?post=26102"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/tags?post=26102"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}