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TMI BlogForeign Exchange Management (Manner of Receipt and Payment) Regulations, 2016X X X X Extracts X X X X X X X X Extracts X X X X ..... ment, Notification No. FEMA.16/2000-RB, dated May 3, 2000, as amended from time to time, dealing with Receipt from and Payment to a person Resident outside India and Notification No. FEMA. 17/ 2000-RB, dated May 3, 2000, as amended from time to time, dealing with Transactions in Indian Rupees with Residents of Nepal and Bhutan, the Reserve Bank of India makes the following Regulations in respect of Manner of Receipt and Payment, namely:- 1. Short title and commencement : (i) These Regulations may be called the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016. (ii) They shall come into effect from the date of their publication in the Official Gazette. 2. Definitions : In these Regulations, unless the conte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ccount of the authorized dealer maintained with the correspondent bank in that member country ; b) Receipt may also be made in any freely convertible currency in all other cases. c) In respect of exports from India to Myanmar, payment may be received in any freely convertible currency or through ACU mechanism from Myanmar. (ii) Nepal and Bhutan - (a) Receipt may be in Rupees (b) Receipts for export of goods to Nepal may be made in free foreign exchange, provided the importer resident in Nepal has been permitted by the Nepal Rashtra Bank to make payment in free foreign exchange. However such receipts shall not be routed through the ACU mechanism. (iii) Islamic Republic of Iran (a) Receipt for export of eligible goods and servic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... provided the foreign currency so received is surrendered within the specified period to the authorized dealer of which the exporter is a customer ; (ii) by debit to FCNR/ NRE account maintained by the buyer with an Authorised Dealer or an Authorised Bank in India; (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 Reser ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Union Dollar account and / or Asian Clearing Union Euro account of the authorized dealer maintained with the correspondent bank in that member country ; (b) Payment may also be made in any freely convertible currency in all other cases. (c) In respect of imports to India from Myanmar, payment may be made in any freely convertible currency or through ACU mechanism from Myanmar. (ii) Nepal and Bhutan - Payment may be in Rupees (iii) Islamic Republic of Iran (a) Payment for import of eligible goods and services, in any freely convertible currency and / or in accordance with the directions issued by the Reserve Bank to the authorized dealers from time to time. (b) Payment in any freely convertible currency and / or in accordance w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... slip signed by the importer/ as prescribed by Reserve Bank from time to time. Provided that - (a) the transaction for which the payment is so made is in conformity with the provisions of the Act, rules and regulations made thereunder; and (b) the import is also in conformity with the provision of the Foreign Trade Policy in force. (2) Any person resident in India may also make payment as under : (i) in rupees towards meeting expenses on account of boarding, lodging and services related thereto or travel to and from and within India of a person resident outside India who is on a visit to India; (ii) by means of a crossed cheque or a draft as consideration for purchase of gold or silver in any form imported by such person in accor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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