Manner of receipt and payment

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....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 India and a person resident outside India shall, unless provided otherwise, be made through an Authorised Bank or Auth....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... dealers from time to time. For all other transactions, receipt and 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) Notwithstanding anything contained in this sub-regulation, receipts and payments may also be made in a manner as may be provided in the extant Foreign....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....in Indian Rupees. Provided that any payment or receipt under regulation 3 may also be made by debit/ credit to a bank account maintained in terms of the rules, regulations or directions issued under the Act. Dr.  ADITYA GAIHA,  Chief General Manager-in-Charge [ADVT.-III/4/Exty./626/2023-24]     **************** NOTES:- 1.  Substituted vide Not....