Foreign exchange transaction modes: prescribed currencies and authorized instruments govern receipts and payments under FEMA rules. The Regulations prescribe permissible modes and currencies for receipts and payments in foreign exchange, differentiating ACU members, Nepal and Bhutan, Iran, and other countries; require export receipts to be in the currency appropriate to the declared place of final destination; permit third party receipts and payments and alternative instruments (bank drafts, card receipts, debit to FCNR/NRE accounts, specified rupee receipts, precious metals for certain exporters) subject to conditions; and allow payments by international cards and rupee payments for specified visitor expenses and director remunerations, subject to compliance with the Act and foreign trade policy.
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.
Foreign exchange transaction modes: prescribed currencies and authorized instruments govern receipts and payments under FEMA rules.
The Regulations prescribe permissible modes and currencies for receipts and payments in foreign exchange, differentiating ACU members, Nepal and Bhutan, Iran, and other countries; require export receipts to be in the currency appropriate to the declared place of final destination; permit third party receipts and payments and alternative instruments (bank drafts, card receipts, debit to FCNR/NRE accounts, specified rupee receipts, precious metals for certain exporters) subject to conditions; and allow payments by international cards and rupee payments for specified visitor expenses and director remunerations, subject to compliance with the Act and foreign trade policy.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
AI OCR ✕
of 
TaxTMI 
TaxTMI 
