Payment in INR via Special Rupee Vostro Accounts qualifies as export of services under IGST Act, subject to RBI conditions. Payments received in Indian rupees from balances in designated Special Rupee Vostro Accounts opened by AD banks, as permitted by RBI A.P. (DIR Series) Circular No.10 and reflected in FTP 2023, shall be treated as fulfilling the payment condition in sub clause (iv) of the IGST Act definition of export of services, subject to compliance with RBI and FTP conditions and any 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.
Payment in INR via Special Rupee Vostro Accounts qualifies as export of services under IGST Act, subject to RBI conditions.
Payments received in Indian rupees from balances in designated Special Rupee Vostro Accounts opened by AD banks, as permitted by RBI A.P. (DIR Series) Circular No.10 and reflected in FTP 2023, shall be treated as fulfilling the payment condition in sub clause (iv) of the IGST Act definition of export of services, subject to compliance with RBI and FTP conditions and any other statutory permissions.
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