Manner of receipt and payment

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..... receive payment from a person resident outside India: Provided that the Reserve Bank may, on an application made to it, permit a person resident in India to make or receive payment under the Act. (2) The receipt and payment between a person resident in India and a person resident outside India shall, unless provided otherwise, be made through an Authorised Bank or Authorised Person and in the ma .....

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..... tions, receipt and payment may be made in a manner as specified at (iii) below.] (iii) Countries other than member countries of ACU - In Indian Rupees or in any foreign currency. (b) Notwithstanding anything contained in this sub-regulation, receipts and payments may also be made in a manner as may be provided in the extant Foreign Trade Policy framed by the Central Government. Explanation: .....

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..... y debit/ credit to a bank account maintained in terms of the rules, regulations or directions issued under the Act. Dr. ADITYA GAIHA, Chief General Manager-in-Charge [ADVT.-III/4/Exty./626/2023-24] **************** NOTES:- 1. Substituted vide Notification No. FEMA 14(R)(1)/2025-RB dated 04-02-2025 before it was read as, "(ii) Member countries of ACU, other than Nepal and Bhutan - thr .....

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