Foreign exchange compliance: overseas acquisition of domestic card transactions for airline ticket sales must cease and be advised against. Foreign exchange compliance concerning settlement of domestic card payments for airline ticket sales: overseas banks acquiring credit/debit card transactions originating in India and settling them abroad on behalf of foreign airlines is inconsistent with the Foreign Exchange Management Act, 1999 and related regulations permitting repatriation of ticket-sale surpluses only after payment of local expenses and taxes.
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.
Foreign exchange compliance: overseas acquisition of domestic card transactions for airline ticket sales must cease and be advised against.
Foreign exchange compliance concerning settlement of domestic card payments for airline ticket sales: overseas banks acquiring credit/debit card transactions originating in India and settling them abroad on behalf of foreign airlines is inconsistent with the Foreign Exchange Management Act, 1999 and related regulations permitting repatriation of ticket-sale surpluses only after payment of local expenses and taxes.
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