Eligibility of sec.80-O of Income Tax Act 1961.

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..... is, for time being, treated by the RBI as convertible foreign exchange. A list of currencies which are so recognised by the RBI was given in Boards instruction No.797 (F.No.473/5/FTD dt.23-11-74). 2. In order to update this list, the RBI were requested to furnish the latest list of currencies recognised by them as convertible currency. The RBI have however clarified that payments from any country .....

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..... emittances to India from countries other than Nepal and Bhutan may be treated as remittance in a convertible currency to India provided they are supported by certificates issued by authorised dealers in foreign exchange confirming inter alia that the remittances have been received in a manner which is in conformity with the exchange control regulations[So far as payments from the bilateral group o .....

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