Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023

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....ment) Regulations, 2023 No. FEMA 14(R)/2023-RB. In exercise of the powers conferred by Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) and in supersession of Notification No. FEMA 14(R)/2016-RB dated May 02, 2016, except as respects things done or omitted to be done before such supersession, the Reserve Bank makes the following regulations, namely: 1. Short title and com....

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....ner as provided in the Act or the rules or regulations made or directions issued under the Act, no person resident in India shall make or receive payment from a person resident outside India: Provided that the Reserve Bank may, on an application made to it, permit a person resident in India to make or receive payment under the Act. (2) The receipt and payment between a person resident in Ind....

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.... Provided that in case of imports where the goods are shipped to India from a member country of the ACU (other than Nepal and Bhutan) but the supplier is resident of a country other than a member country of the ACU, the payment may be made in a manner as specified at (iii) below. (iii) Countries other than member countries of ACU - In Indian Rupees or in any foreign currency. (b)....