Export obligation removed by notification, customs duty demand invalidated; penalties under s.112 and s.114AA quashed due to inadmissible s.108 statem...
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The central bank amended foreign currency account rules to permit residents who are exporters to open and maintain foreign currency accounts outside India, including in International Financial Services Centres (IFSCs), for realisation of full export proceeds and advance remittances; funds may be used for paying imports into India or repatriated after adjusting forward commitments within three months if the account is with a bank in an IFSC or by the next month for other jurisdictions, subject to compliance with existing export realisation and repatriation requirements under the export regulations.
The central bank amended foreign currency account rules to permit residents who are exporters to open and maintain foreign currency accounts outside India, including in International Financial Services Centres (IFSCs), for realisation of full export proceeds and advance remittances; funds may be used for paying imports into India or repatriated after adjusting forward commitments within three months if the account is with a bank in an IFSC or by the next month for other jurisdictions, subject to compliance with existing export realisation and repatriation requirements under the export regulations.
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