13D.3
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Amounts payable to Blocked Accounts
Payments in discharge of liabilities to non-residents, remittance of which outside India cannot be approved by Reserve Bank under current Exchange Control regulations,notwithstanding that they may have arisen legitimately and lawfully, will only be allowed to be made to blocked accounts. For instance, any payments to a person resident in a foreign country to which remittance facilities are not at all permissible under the regulations will be permitted to be made only into a blocked account in the name of the beneficiary.