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<h1>Foreign exchange receipt and payment rules establish procedural requirements and authorized channels for handling foreign exchange transfers.</h1> Regulation sets a statutory framework for the manner of receipt and payment in foreign exchange under the Foreign Exchange Management Act, 1999, made under Section 47 and promulgated by the Reserve Bank of India to prescribe procedural modalities, authorized channels, conditions of receipt and payment, and related regulatory obligations for persons and entities dealing in foreign exchange.
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