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of <h1>RBI issues comprehensive foreign exchange payment regulations under Section 47 superseding previous notifications</h1> The Reserve Bank of India issued Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016 under Section 47 of the Foreign Exchange Management Act, 1999. These regulations superseded three previous notifications from 2000 and established comprehensive rules for foreign exchange receipts and payments by authorized dealers. The regulations specify different payment mechanisms for Asian Clearing Union member countries versus other nations, with special provisions for export proceeds and import payments. They allow various forms of payment including foreign currency, rupees, bank drafts, credit cards, and precious metals in specific circumstances. The regulations were later superseded by notification dated December 20, 2023.
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