Export of services payment in domestic rupees qualifies when received via Special Rupee Vostro Accounts under the RBI-arranged mechanism. Payments made to Indian exporters of services from balances in designated Special Rupee Vostro Accounts of correspondent banks, opened by authorised dealer banks under the deposit regulations and subject to prescribed approvals and trade policy conditions, shall be treated as fulfilling the payment receipt requirement for export of services, provided compliance with the foreign exchange mechanism and foreign trade policy is maintained 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.
Export of services payment in domestic rupees qualifies when received via Special Rupee Vostro Accounts under the RBI-arranged mechanism.
Payments made to Indian exporters of services from balances in designated Special Rupee Vostro Accounts of correspondent banks, opened by authorised dealer banks under the deposit regulations and subject to prescribed approvals and trade policy conditions, shall be treated as fulfilling the payment receipt requirement for export of services, provided compliance with the foreign exchange mechanism and foreign trade policy is maintained and without prejudice to other statutory permissions.
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