Settlement of Export/ Import transactions in currencies not having a direct exchange rate

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....actions in currencies not having a direct exchange rate Attention of Authorised Dealer Category I (AD Category - I) banks is invited to Notification No. FEMA. 14 /RB -2000, dated 3rd May 2000, as amended from time to time, dealing with manner of receipt and payment, in terms of which export proceeds for exports from India and import payments for imports to India may be received / made in any mo....

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....ling to receive the payment in the currency of beneficiary instead of the original (freely convertible) currency of the invoice/ contract/ Letter of Credit as full and final settlement, d.  AD bank is satisfied with the bonafides of the transactions, and; e.  The counterparty to the exporter / importer of the AD bank is not from a country or jurisdiction in the updated ....