Export payment compliance: altering payment method, delaying payment, or reducing proceeds requires Reserve Bank or authorised dealer permission. Regulation 12 requires that where a declaration under Regulation 3 is required, no person without Reserve Bank permission or, under its directions, an authorised dealer shall take steps that cause export payments to be made otherwise than in the specified manner, delayed beyond the specified period, or yield proceeds that do not represent the full export value except for deductions permitted by the Reserve Bank or an authorised dealer; proceedings for contravention are barred until the specified period has expired and payment has not been made in the specified manner.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Export payment compliance: altering payment method, delaying payment, or reducing proceeds requires Reserve Bank or authorised dealer permission.
Regulation 12 requires that where a declaration under Regulation 3 is required, no person without Reserve Bank permission or, under its directions, an authorised dealer shall take steps that cause export payments to be made otherwise than in the specified manner, delayed beyond the specified period, or yield proceeds that do not represent the full export value except for deductions permitted by the Reserve Bank or an authorised dealer; proceedings for contravention are barred until the specified period has expired and payment has not been made in the specified manner.
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