https://www.taxtmi.com/circulars?id=9033 Deduction under section 80-O is allowable only for income received in convertible foreign exchange or converted and brought into India in accordance with foreign exchange law; the Explanation to section 80-N defining "convertible foreign exchange" applies. The Board, in consultation with the Reserve Bank of India and the Department of Economic Affairs, directed that income received in non convertible rupees from bilateral account countries shall be treated on par with income received in convertible foreign exchange for the purposes of the concessions under sections 80-N and 80-O. en-us Sat, 18 Sep 1976 00:00:00 +0530 Wed, 01 Jun 2011 17:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=9033 Deduction under section 80-O is allowable only for income received in convertible foreign exchange or converted and brought into India in accordance with foreign exchange law; the Explanation to section 80-N defining "convertible foreign exchange" applies. The Board, in consultation with the Reserve Bank of India and the Department of Economic Affairs, directed that income received in non convertible rupees from bilateral account countries shall be treated on par with income received in convertible foreign exchange for the purposes of the concessions under sections 80-N and 80-O. Circulars Income Tax Sat, 18 Sep 1976 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9033