Release of foreign exchange for imports liberalised; higher remittance threshold permits transactions with minimal documentation for current account payments. Release of foreign exchange for imports was liberalised to permit authorised dealers to release foreign exchange for current account import payments without Form A-1 or other documentation, subject to the transaction not falling within the notified excluded schedules, the amount being within the prescribed ceiling, and payment being made by cheque drawn on the applicant's bank account or by demand draft; only a simple letter from the applicant containing name and address of applicant and beneficiary, amount and purpose is required.
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.
Release of foreign exchange for imports liberalised; higher remittance threshold permits transactions with minimal documentation for current account payments.
Release of foreign exchange for imports was liberalised to permit authorised dealers to release foreign exchange for current account import payments without Form A-1 or other documentation, subject to the transaction not falling within the notified excluded schedules, the amount being within the prescribed ceiling, and payment being made by cheque drawn on the applicant's bank account or by demand draft; only a simple letter from the applicant containing name and address of applicant and beneficiary, amount and purpose is required.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
