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        FEMA

        Regulation 5 - Manner of Payment in Foreign Exchange

        Foreign Exchange Management (Manner of Receipt And Payment) Regulations, 2000

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        Manner of payment in foreign exchange: ACU account settlements, permitted currencies, rupee settlements and RBI directed alternatives. Regulation 5 requires authorised dealers to effect payments for imports and other transactions via Asian Clearing Union dollar or euro accounts for ACU members or in any permitted currency; Nepal and Bhutan follow a FEMA notification; Iran follows permitted currencies and RBI directions. For all other countries, payments may be in rupees to a resident's account or in any permitted currency. The regulation also permits specified payment arrangements for Myanmar, shipment-country based currency rules, RBI directed alternative modes, and third party import payments by AD Category 1 banks subject to RBI conditions.
                      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: ACU account settlements, permitted currencies, rupee settlements and RBI directed alternatives.

                          Regulation 5 requires authorised dealers to effect payments for imports and other transactions via Asian Clearing Union dollar or euro accounts for ACU members or in any permitted currency; Nepal and Bhutan follow a FEMA notification; Iran follows permitted currencies and RBI directions. For all other countries, payments may be in rupees to a resident's account or in any permitted currency. The regulation also permits specified payment arrangements for Myanmar, shipment-country based currency rules, RBI directed alternative modes, and third party import payments by AD Category 1 banks subject to RBI conditions.


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