Export invoicing in domestic currency permitted, but export proceeds must be realized in freely convertible currency with narrow Vostro exceptions. Export contracts and invoices may be denominated in a freely convertible currency or Indian rupees, but export proceeds must be realized in a freely convertible currency; proceeds may be realized in rupees only if routed through a freely convertible Vostro account of a non resident bank located outside ACU member countries, Nepal and Bhutan. The Indian rupee is not treated as freely convertible. Trade transactions use the April-March financial year basis.
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.
Export invoicing in domestic currency permitted, but export proceeds must be realized in freely convertible currency with narrow Vostro exceptions.
Export contracts and invoices may be denominated in a freely convertible currency or Indian rupees, but export proceeds must be realized in a freely convertible currency; proceeds may be realized in rupees only if routed through a freely convertible Vostro account of a non resident bank located outside ACU member countries, Nepal and Bhutan. The Indian rupee is not treated as freely convertible. Trade transactions use the April-March financial year basis.
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