Regulation 3 - Manner of Receipt in Foreign Exchange - Foreign Exchange Management (Manner of Receipt And Payment) Regulations, 2000

3. Manner of Receipt in Foreign Exchange :- (1) Every receipt in foreign exchange by an authorised dealer, whether by way of remittance from a foreign country 3 [***] or by way of reimbursement from his branch or correspondent outside India against payment for export from India, or against any other payment, shall be as mentioned below: Group Manner of receipt of foreign exchange (1). member countries in the Asian Clearing Union 5 [ (except Nepal, Bhutan and Islamic Republic of Iran) ] namely, 6 [ Bangladesh, ] Myanmar, 7 [ Pakistan, Sri Lanka and Republic of Maldives ] a) payment for all eligible current transactions by debit to the 8 [ Asian Clearing Union dollar account and or Asian Clearing Union euro account ] in India of a bank of the member country in which the other party to the transaction is resident or by credit to the 8 [ Asian Clearing Union dollar account and or Asian Clearing Union euro account ] of the authorised dealer maintained with the correspondent bank in the member country; and b) payment in any permitted currency in all other cases 9 [(1A) Nepal and Bhutan Payment in accordance with the provisions of Notification No. FEMA 17/2000-RB, dated May 3, 2000 , as amended from time to time (1B) Islamic Republic of Iran (a) Payment for all eligible current transactions, in any permitted currency and in accordance with the directions issued by the Reserve Bank to the authorized dealers from time to time; and (b) Payment in any permitted currency in all other cases.] 10 [ (2) All countries other than those mentioned in (1), (1A) and (1B) ] a) payment in rupees from the account of a bank situated in any country other than a member country of Asian Clearing Union or 11 [ Nepal or Bhutan or Islamic Republic of Iran ]; or b) payment in any permitted currency 1 (1A) In respect of exports from India to Myanmar, payment may be received in any freely convertible currency or through ACU mechanism from Myanmar. (2) In respect of an export from India, payment shall be received in a currency appropriate to the place of final destination as mentioned in the declaration form irrespective of the country of residence of the buyer. 2 [(3) Any other mode of receipt of export proceeds for an export from India in accordance with the directions issued by the Reserve Bank of India to authorised dealers from time to time.] 12 [(4) Authorized Dealer Category-1 (AD Category-1) banks have been permitted to allow payments for export of goods/software to be received from a Third party (a party other than the buyer) provided, the details of the Third party through which the export proceeds are being realized, have been duly declared by the exporter in the appropriate export declaration form and certain other conditions as stipulated by Reserve Bank of India.] ************************* Note : 1. Has been inserted vide Notification No. 128/2005 dated 11/1/2005 2. Inserted vide Notification No. 274/2013-RB April 26, 2013 3. Omitted vide NOTIFICATION No. 257/2013-RB February 15, 2013 w.e.f. 27 ' day of December 2010 , before it was read as, (other than Nepal and Bhutan) . 4. Substituted vide NOTIFICATION No. 257/2013-RB February 15, 2013 w.e.f. 1st day of June 2000 , before it was read as, (except Nepal) . 5. Substituted vide NOTIFICATION No. 257/2013-RB February 15, 2013 w.e.f. 27th day of December 2010 , before it was read as, 4 [ (except Nepal and Bhutan) ] 6. Substituted vide NOTIFICATION No. 257/2013-RB February 15, 2013 w.e.f. 27 ' day of December 2010 , before it was read as, Bangladesh, Islamic Republic of Iran, . 7. Substituted vide NOTIFICATION No. 257/2013-RB February 15, 2013 w.e.f. 30th day of October 2009 , before it was read as, Pakistan and Sri Lanka . 8. Substituted vide NOTIFICATION No. 257/2013-RB February 15, 2013 w.e.f. 26 ' day of December 2008 , before it was read as, Asian Clearing Union dollar account . 9. Inserted vide NOTIFICATION No. 257/2013-RB February 15, 2013 w.e.f. 27 ' day of December 2010 , 10. Substituted vide NOTIFICATION No. 257/2013-RB February 15, 2013 w.e.f. 27 ' day of December 2010 , before it was read as, (2) All countries other than those mentioned in (1) , 11. Substituted vide NOTIFICATION No. 257/2013-RB February 15, 2013 w.e.f. 27 ' day of December 2010 , before it was read as, Nepal or Bhutan . 12. Inserted vide Not.318/RB-2014 - Dated 4-9-2014 w.e.f.November 8, 2013