8C.2A
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Remittance of magazine subscription by recognised agents
Authorised dealers may allow remittance of net rupee collections made by Indian agents towards subscription to foreign magazines/periodicals to overseas publishers/distributors after deduction of commission, handling charges, etc. due to the Indian agent (i.e. applicant) subject to the following conditions:
(a) None of the magazines subscribed should be on the banned list.
(b) Remittances of net amount of subscription after deduction of commission/discount, handling charges due to the collection agent in India (i.e. applicant) is made direct to the overseas publishers/distributors of the magazines/periodicals against their invoices/price lists.
(c) A statement showing how the remittable amount has been arrived at net of commission, handling charges, etc. togetherwith documentary evidence (viz. invoices from overseas publishers/price lists, agreements between the publishers and Indian agents, etc.)
(d) Authorised dealers should satisfy themselves that subscription amounts from overseas subscribers (including subscribers from Nepal/Bhutan) have been received in foreign exchange.
(e) A declaration from the applicant that he has not remitted the cost of the magazines/periodicals separately through any other authorised dealer