MANNER OF PAYMENTS FOR IMPORTS IN INDIAN RUPEES

[Raghunandhaanan rvi]

Dear Expert

One of our clients wants to import merchandise from Iran into India

for which import invoice has been raised in Indian Rupee Currency

Thankful if you are able to guide me whether Import invoice in INR currency is permissible?

If so, kindly let us know the authority under which such payments are permitted for Import consignments into India

Warm Regards

[Govind Gupta]

Hi

should be possible, refer the below link for more details:-

https://rbi.org.in/SCRIPTs/BS_FemaNotifications.aspx?Id=10392

regards

Govind

[Raghunandhaanan rvi]

Thank Sir for your quick and valuable response.

Warm Regards

AI Summary

Payment in Indian Rupees for imports may be possible under relevant RBI FEMA notifications and procedures. Whether invoices and payments for imports may be denominated in Indian Rupees is asked; the reply states such rupee denominated import payments 'should be possible' and points to Reserve Bank of India FEMA related notifications as the relevant authority and source of procedural guidance.