Agency commission payment allowed in foreign exchange for tea and tobacco exports to Russia against rupee state credit repayment. Authorised Dealers may permit payment of agency commission in free foreign exchange for exports of tea and tobacco to Russia against repayment of Rupee State Credits, subject to a cap of ten per cent of invoice value; this relaxes the earlier prohibition under the Foreign Exchange Management (Current Account Transactions) Rules and follows a Government notification amending those rules.
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Provisions expressly mentioned in the judgment/order text.
Agency commission payment allowed in foreign exchange for tea and tobacco exports to Russia against rupee state credit repayment.
Authorised Dealers may permit payment of agency commission in free foreign exchange for exports of tea and tobacco to Russia against repayment of Rupee State Credits, subject to a cap of ten per cent of invoice value; this relaxes the earlier prohibition under the Foreign Exchange Management (Current Account Transactions) Rules and follows a Government notification amending those rules.
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