Manner of Receipt in Foreign Exchange: prescribes currency routes for export receipts and RBI directed settlement modes. Regulation 3 prescribes authorised modes and currencies for receipt of foreign exchange: ACU member transactions may be settled via specified ACU currency accounts or in freely convertible currency; Nepal and Bhutan may receive receipts in rupees (with limited free foreign exchange for Nepal outside ACU); Iran receipts follow freely convertible currency or Reserve Bank directions. For other countries receipts may be in rupees from a foreign bank account or in any freely convertible currency. Export receipts should be in the currency appropriate to the place of final destination, and authorised dealers may accept third party payments as per RBI guidelines.
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.
Manner of Receipt in Foreign Exchange: prescribes currency routes for export receipts and RBI directed settlement modes.
Regulation 3 prescribes authorised modes and currencies for receipt of foreign exchange: ACU member transactions may be settled via specified ACU currency accounts or in freely convertible currency; Nepal and Bhutan may receive receipts in rupees (with limited free foreign exchange for Nepal outside ACU); Iran receipts follow freely convertible currency or Reserve Bank directions. For other countries receipts may be in rupees from a foreign bank account or in any freely convertible currency. Export receipts should be in the currency appropriate to the place of final destination, and authorised dealers may accept third party payments as per RBI guidelines.
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