Manner of payment in foreign exchange prescribes ACU, rupee and freely convertible currency options for import payments. Manner of payment in foreign exchange requires Authorised Dealers to follow differentiated rules: ACU member imports (Bangladesh, Myanmar, Pakistan, Sri Lanka, Maldives) must be paid via designated ACU currency accounts or correspondent bank accounts, with other transactions in freely convertible currencies; Nepal and Bhutan payments may be in Rupees; Iran payments in freely convertible currencies or as directed by the Reserve Bank. For other countries payment may be in Rupees from non-ACU bank accounts or in any freely convertible currency. Import payments should match the country of shipment unless Reserve Bank directions provide otherwise; third-party payments are permitted 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 payment in foreign exchange prescribes ACU, rupee and freely convertible currency options for import payments.
Manner of payment in foreign exchange requires Authorised Dealers to follow differentiated rules: ACU member imports (Bangladesh, Myanmar, Pakistan, Sri Lanka, Maldives) must be paid via designated ACU currency accounts or correspondent bank accounts, with other transactions in freely convertible currencies; Nepal and Bhutan payments may be in Rupees; Iran payments in freely convertible currencies or as directed by the Reserve Bank. For other countries payment may be in Rupees from non-ACU bank accounts or in any freely convertible currency. Import payments should match the country of shipment unless Reserve Bank directions provide otherwise; third-party payments are permitted per RBI guidelines.
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