Cross-border payments must route through authorised banks with country-specific currency rules and ACU settlement options. Regulations require receipts and payments between residents in India and non-residents to be made through an Authorised Bank or Authorised Person, with the Reserve Bank able to permit exceptions on application. Trade transactions have country-specific settlement rules: Nepal and Bhutan in Indian currency (with limited exceptions), ACU members via the ACU mechanism or RBI directions, and non-ACU countries in Indian currency or foreign currency. Non-trade transactions mirror these country-specific currency rules, and current account transactions with visitors must be in Indian currency; payments may also be by debit/credit to permitted bank accounts.
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.
Cross-border payments must route through authorised banks with country-specific currency rules and ACU settlement options.
Regulations require receipts and payments between residents in India and non-residents to be made through an Authorised Bank or Authorised Person, with the Reserve Bank able to permit exceptions on application. Trade transactions have country-specific settlement rules: Nepal and Bhutan in Indian currency (with limited exceptions), ACU members via the ACU mechanism or RBI directions, and non-ACU countries in Indian currency or foreign currency. Non-trade transactions mirror these country-specific currency rules, and current account transactions with visitors must be in Indian currency; payments may also be by debit/credit to permitted bank accounts.
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 
