Currency denomination: fees on forex prepaid and travel cards must be settled in rupees, not foreign currency. Fees and charges payable in India for international debit cards, prepaid/store value cards, travel cards and similar instruments must be denominated and settled in Rupees. Authorised Persons collecting such India-payable fees in foreign currency are directed to settle and denominate those charges only in rupees. The direction is issued under sections 10(4) and 11(1) of 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.
Currency denomination: fees on forex prepaid and travel cards must be settled in rupees, not foreign currency.
Fees and charges payable in India for international debit cards, prepaid/store value cards, travel cards and similar instruments must be denominated and settled in Rupees. Authorised Persons collecting such India-payable fees in foreign currency are directed to settle and denominate those charges only in rupees. The direction is issued under sections 10(4) and 11(1) of 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 
