Regulation 4 - Manner of Receipts in certain cases - Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016

4. Manner of Receipts in certain cases : - (1) Notwithstanding anything contained in Regulation 3, receipt for export may also be made by the exporter as under, namely : (i) in the form of a bank draft, cheque, pay order, foreign currency notes/ travelers cheque from a buyer during his visit to India, provided the foreign currency so received is surrendered within the specified period to the authorized dealer of which the exporter is a customer ; 1 [ (ii) by debit to FCNR/ NRE/ SNRR account maintained by a person resident outside India (overseas buyer) with an Authorised Dealer or an Authorised Bank in India, as specified in Foreign Exchange Management (Deposits) Regulations, 2016; ] (iii) in rupees from the credit card servicing bank in India against the charge slip signed by the buyer where such payment is made by the buyer through a credit card; (iv) from a rupee account held in the name of an Exchange House with an authorized dealer if the amount does not exceed fifteen lakh rupees per export transaction or an amount prescribed by RBI, in consultation with Government of India in this regard; (v) In accordance with the directions issued by the Reserve Bank to Authorised Dealers, where the export is covered by the arrangement between the Central Government and the Government of a foreign country or by the credit arrangement entered into by the Exim Bank with a financial institution in a foreign state; (vi) in the form of precious metals i.e. gold/ silver/ platinum equivalent to value of jewellery exported by Gem Jewellery units in Special Economic Zones and Export Oriented Units on the condition that the sale contract provides for the same and the value is declared in the relevant EDF. (2) In addition to 4 (1) (i) (iii) above, any person resident in India may also receive any payment for other than exports by means of postal order issued by a post office outside India or by a postal money order issued by such post office. 2 [ (3) Payment may also be received in rupees by a person resident in India from SNRR Account of person resident outside India after ensuring that the underlying transactions are in conformity with the provisions of the Foreign Exchange Management Act, 1999 and the rules, regulations and directions issued thereunder. ] ********** NOTES:- 1. Substituted Vide Notification No. FEMA 14(R)/(1)/2019-RB dated 13-11-2019 before it was read as (ii) by debit to FCNR/ NRE account maintained by the buyer with an Authorised Dealer or an Authorised Bank in India; 2. Inserted Vide Notification No. FEMA 14(R)/(1)/2019-RB dated 13-11-2019