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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 ..... e Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2000 ; Foreign Exchange Management (Receipt from, and payment to, a person resident outside India) Regulations, 2000 and Foreign Exchange Management Notification (Transactions in Indian rupees with residents of Nepal or Bhutan) Regulations 2000, as amended from time to time have been repealed and superseded by the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016 notified vide G.S.R. No.480 (E) dated May 03, 2016 . Further, attention of Authorised Dealers is invited to para A.3 of Master Direction No 16/2015-16 on Export of Goods and Services and B.4 of Master Direction No 17/2015-16 on Import of Goods and Services dated January ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In all cases including receipts for export of eligible goods and services, in any freely convertible currency and/or as prescribed by Reserve Bank of India from time to time. (B) All countries other than those mentioned in (A) above:- (i) Receipt in rupees from the account of a bank situated in any country other than an ACU member, (ii) In any freely convertible currency. (2) (i) In respect of export from India, receipt shall be made in a currency appropriate to the place of final destination as mentioned in the declaration form irrespective of the country of the residence of the buyer, (ii) Any other mode of receipt of export proceeds as prescribed by the Reserve Bank of India from time to time. (3) Payment for export o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hange: (1) AD bank may make payment in foreign exchange by way of remittance from India or by way of reimbursement to his branch or correspondent outside India against payment for import into India, or against any other payment in the following manner: (A) Members of Asian Clearing Union: (i) Bangladesh, Myanmar, Pakistan, Sri Lanka and Republic of Maldives - a) Payment for import of eligible goods and services by credit to the ACU Dollar/Euro account in India of a bank of the member country in which the other party to the transaction is resident or by debit to the ACU Dollar/Euro account of the Authorised Dealer maintained with the correspondent bank in that member country, b) In any freely convertible currency for cases ot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ational card held by him / in rupees from international credit card / debit card through the credit / debit card servicing bank in India against the charge slip signed by the importer / as prescribed by Reserve Bank from time to time, provided that the transaction is in conformity with the extant provisions including the Foreign Trade Policy in force. (B) 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 suc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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