Foreign exchange threshold for manner of receipt and payment increased; Reserve Bank empowered to stipulate the applicable limit. Amendment substitutes the previous specified monetary ceiling in the relevant regulation clause with 'five lakh rupees or any such amount that Reserve Bank may stipulate,' thereby vesting Reserve Bank discretion to determine the operative threshold for receipts and payments; the amendment is effective retrospectively from 13 March 2014 with a certification that no person will be adversely affected.
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Provisions expressly mentioned in the judgment/order text.
Foreign exchange threshold for manner of receipt and payment increased; Reserve Bank empowered to stipulate the applicable limit.
Amendment substitutes the previous specified monetary ceiling in the relevant regulation clause with "five lakh rupees or any such amount that Reserve Bank may stipulate," thereby vesting Reserve Bank discretion to determine the operative threshold for receipts and payments; the amendment is effective retrospectively from 13 March 2014 with a certification that no person will be adversely affected.
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