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of <h1>RBI Permits Agency Commission in Foreign Exchange for Tea and Tobacco Exports to Russia, Amending Previous Restrictions.</h1> The Reserve Bank of India has issued a circular allowing the payment of agency commission in free foreign exchange for exports of tea and tobacco to Russia against repayment of State Credits, up to 10% of the invoice value. This change amends the previous prohibition under the Foreign Exchange Management (Current Account Transactions) Rules, 2000. Authorized dealers in foreign exchange are instructed to inform their clients about this update, as detailed in Notification No.G.S.R.397 (E) dated May 1, 2003. The directive is issued under the Foreign Exchange Management Act, 1999.
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