Receipt of exports from third party must be declared upfront: Expert

We exported certain goods last year and received full payment. The buyer rejected a part of the consignment

We had exported certain go­ods to a buyer abroad against an order placed by him and also raised an inv­oice for payment. How­ever, before the due date, the bu­yer said the payment will be made by a third party, and it was rece­ived from the third party. Our bankers say this is irregular. Are they correct? If so, how to regularise the matter?

Para B.8 of RBI FED Master Direction no. 16/2015-16 dated January 1, 2016 (as amended), says that realisation of export proceeds in respect of export of goods/software from third party should be duly declared by the exporter in