Foreign exchange dealing restrictions require authorised channels for transfers, cross-border payments, receipts, and transactions involving overseas assets. Section 3 restricts foreign exchange and foreign security dealings except where permitted under applicable law or by the Reserve Bank. Dealings or ... Summary
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Foreign exchange dealing restrictions require authorised channels for transfers, cross-border payments, receipts, and transactions involving overseas assets.
Section 3 restricts foreign exchange and foreign security dealings except where permitted under applicable law or by the Reserve Bank. Dealings or transfers to non-authorised persons, payments to persons resident outside India, and receipts on behalf of such persons otherwise than through an authorised person are prohibited. Receipts without corresponding inward remittance are deemed unauthorised. Financial transactions in India connected with acquiring, creating, or transferring rights to acquire overseas assets are also restricted.
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