Payment method for foreign exchange purchases: cash permitted for small transactions; larger purchases require non-cash bank instruments. Cash payment is permitted for purchase of foreign exchange for travel abroad from an authorized person where the rupee equivalent is below Rs.50,000. For ... Summary
Payment method for foreign exchange purchases: cash permitted for small transactions; larger purchases require non-cash bank instruments.
Cash payment is permitted for purchase of foreign exchange for travel abroad from an authorized person where the rupee equivalent is below Rs.50,000. For sales equivalent to Rs.50,000 or above, the entire payment must be made by crossed cheque, banker's cheque, pay order, demand draft, debit card, credit card, or prepaid card; cash payment is not permitted for such transactions.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
Join Channel
TaxTMI 
