Manner of receipt and payment regulations set out RBI authority to prescribe operational rules for foreign exchange transactions. The Reserve Bank of India, exercising powers under Section 47 of the Foreign Exchange Management Act, 1999, prescribes procedural rules for the manner of receipt and payment in foreign exchange and enacts the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2000, specifying its commencement by formal RBI notification.
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Provisions expressly mentioned in the judgment/order text.
Manner of receipt and payment regulations set out RBI authority to prescribe operational rules for foreign exchange transactions.
The Reserve Bank of India, exercising powers under Section 47 of the Foreign Exchange Management Act, 1999, prescribes procedural rules for the manner of receipt and payment in foreign exchange and enacts the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2000, specifying its commencement by formal RBI notification.
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