Payments for import of oil or gas may be settled in any permitted currency outside the ACU mechanism. Payments for import of oil or gas shall be settled in any permitted currency outside the ACU mechanism, with necessary amendments to the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2000 to be issued; Authorised Dealer banks are to notify constituents and the directions are issued under sections 10(4) and 11(1) of the foreign exchange statute.
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Provisions expressly mentioned in the judgment/order text.
Payments for import of oil or gas may be settled in any permitted currency outside the ACU mechanism.
Payments for import of oil or gas shall be settled in any permitted currency outside the ACU mechanism, with necessary amendments to the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2000 to be issued; Authorised Dealer banks are to notify constituents and the directions are issued under sections 10(4) and 11(1) of the foreign exchange statute.
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