https://www.taxtmi.com/circulars?id=4980 Section 80HHB requires that consideration for execution of foreign projects be payable in convertible foreign exchange. Receipts of consideration paid in non convertible rupees from bilateral account countries are to be treated as equivalent to consideration received in any other convertible foreign exchange, and thus meet the convertible foreign exchange requirement for the deduction, subject to the other statutory conditions. en-us Wed, 23 May 1990 00:00:00 +0530 Fri, 08 Aug 2008 12:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=4980 Section 80HHB requires that consideration for execution of foreign projects be payable in convertible foreign exchange. Receipts of consideration paid in non convertible rupees from bilateral account countries are to be treated as equivalent to consideration received in any other convertible foreign exchange, and thus meet the convertible foreign exchange requirement for the deduction, subject to the other statutory conditions. Circulars Income Tax Wed, 23 May 1990 00:00:00 +0530 https://www.taxtmi.com/circulars?id=4980