https://www.taxtmi.com/article/detailed?id=12237 The Regulations define authorized bank and permit RBI to designate authorized persons, prohibit residents from making or receiving cross-border payments except as allowed under the Act or RBI directions, and require use of authorized channels. They distinguish trade transactions and transactions other than trade transactions, prescribing currency rules: Nepal and Bhutan-Indian rupees with limited exceptions; ACU members-ACU mechanism or RBI directions; other countries-Indian rupees or foreign currency. Current account dealings with visiting non-residents (non-trade) must be in Indian rupees, and payments may be made via bank account debits/credits under the Act. en-us Sat, 20 Jan 2024 10:11:06 +0530 Sat, 20 Jan 2024 10:11:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=12237 The Regulations define authorized bank and permit RBI to designate authorized persons, prohibit residents from making or receiving cross-border payments except as allowed under the Act or RBI directions, and require use of authorized channels. They distinguish trade transactions and transactions other than trade transactions, prescribing currency rules: Nepal and Bhutan-Indian rupees with limited exceptions; ACU members-ACU mechanism or RBI directions; other countries-Indian rupees or foreign currency. Current account dealings with visiting non-residents (non-trade) must be in Indian rupees, and payments may be made via bank account debits/credits under the Act. Articles FEMA - Foreign Exchange Management Sat, 20 Jan 2024 10:11:06 +0530 https://www.taxtmi.com/article/detailed?id=12237