Manner of Payment in Foreign Exchange

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....a or by way of reimbursement to his branch or correspondent outside India ^2[***] against payment for import into India, or against any other payment, shall be as mentioned below: Group Manner of payment (1) member countries of Asian Clearing Union ^4[(except Nepal, Bhutan and Islamic Republic of Iran)] namely, ^5[Bangladesh,] Myanmar, ^6[Pakistan, Sri Lanka and Republic of Maldives] /....

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....ued by the Reserve Bank to the authorized dealers from time to time; and (b) Payment in any permitted currency in all other cases.] ^9[(2) All countries other than those mentioned in (1), (1A) and (1B)] (a) payment in rupees to the account of a resident of any country other than a member country of Asian Clearing Union or ^10[Nepal or Bhutan or Islamic Republic of Iran]; or (b) paym....

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....gory-1 (AD Category-1) banks have been permitted to allow payments to be made for import of goods/software to a Third party (a party other than the supplier) subject to conditions as stipulated by Reserve Bank of India.]     ****************** NOTES:- 1. Inserted vide Notification No. 128/2005 dated 11-01-2005, w.e.f. 19-11-2004.  2. Omitted vide ....

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....o. 257/2013-RB 15-02-2013, w.e.f. 26-12-2010 before it was read as, "Asian Clearing Union dollar account", 8. Inserted vide Notification No. 257/2013-RB 15-02-2013, w.e.f. 27-12-2010. 9. Substituted vide Notification No. 257/2013-RB 15-02-2013, w.e.f. 27-12-2010 before it was read as, "(2) All countries other than those mentioned in (1)" 10. ....