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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Forex sales to DTA units for payments to SEZ suppliers: ADs may sell forex but must verify unit LoAs</h1> Authorises Category-I Authorised Dealer (AD) banks to sell foreign exchange to units in the Domestic Tariff Area (DTA) for making payments to units in Special Economic Zones (SEZs) for goods and services supplied; operative effect: ADs may effect such outward forex sales to DTA units to settle dues to SEZ units. Requires that the SEZ unit's Letter of Approval (LoA) issued by the Development Commissioner contains an enabling provision permitting supply to DTA units and receipt of payment in foreign exchange; operative effect: ADs must verify the LoA before permitting forex sale. Directions operate under FEMA and are subject to other statutory permissions where applicable.
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