Expenditure incurred in Indian currency deemed to have been incurred in foreign exchange

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..... currency, obtained by conversion of foreign exchange into Indian currency, shall be deemed to have been incurred or, as the case may be, made in foreign exchange in the cases and in the circum stances mentioned below :— (i) where the payment in respect of any expenditure in curred in a hotel has been made out of Indian currency obtained by conversion of foreign exchange brought into India through .....

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..... nditure. Explanation .—For the purposes of this rule,— (i) "airline" and "travel agent" respectively mean an airline or travel agent which holds a valid licence granted under section 32 of the Foreign Exchange Regulation Act, 1973 (46 of 1973), by the Reserve Bank of India; and (ii) "authorised dealer" shall have the meaning assigned to it in clause (b) of section 2 of the Foreign Exchange Regulat .....

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