2.5
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Permitted Methods for Receipts
Authorised dealers should receive remittances from foreign countries (other than Nepal & Bhutan) or obtain reimbursement from their branches and correspondents in those countries against payments due for exports from India and other payments in a manner conforming to the methods of payment indicated below:
(i) All countries other than those listed under (ii) below | (a) Payment in rupees from the account of a bank situated in any country in this Group (b) Payment in any permitted currency |
(ii) Member countries in the Asian Clearing Union (except Nepal) Bangladesh Islamic Republic of Iran Myanamar Pakistan Sri Lanka | (a) Payment for all eligible current transactions by debit to the ACU dollar account in India of a bank of the participating country in which the other party to the transaction is resident or by credit to the ACU dollar account of the authorised dealer maintained with the correspondent bank in the other participating country. (b) Payment in any permitted currency in other cases |
- NOTES:
- A. In respect of exports, payment must be received in a currency appropriate to the country of final place of destination of the goods as declared on GR etc. forms, irrespective of the country of residence of the buyer.
B. In terms of paragraph 6A.6, Reserve Bank has granted permission for receiving payments for exports directly by exporters from their buyers in the form of bank drafts, cheques, payorders, foreign currency notes or foreign currency travellers cheques subject to the conditions prescribed therein Payments for exports out of funds held in FCNR/NRE accounts are also permitted. Payments out of rupee accounts held in the names of Exchange Houses by authorised dealers are also permitted up to Rs. .50,000/- per transaction