Rupee value revision of special currency basket alters settlement basis under deferred payment protocols; banks must notify constituents. The Reserve Bank fixed a revised rupee value for the special currency basket as the valuation basis for settlements under the Deferred Payment Protocols between the Government of India and the erstwhile USSR, effective from the notified date. Authorised Dealer Category - I banks are directed to inform their constituents of the revision. The directions are issued under the Foreign Exchange Management Act and without prejudice to other statutory permissions.
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.
Rupee value revision of special currency basket alters settlement basis under deferred payment protocols; banks must notify constituents.
The Reserve Bank fixed a revised rupee value for the special currency basket as the valuation basis for settlements under the Deferred Payment Protocols between the Government of India and the erstwhile USSR, effective from the notified date. Authorised Dealer Category - I banks are directed to inform their constituents of the revision. The directions are issued under the Foreign Exchange Management Act and without prejudice to other statutory permissions.
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 
