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Settlement of Export/ Import transactions in currencies not having a direct exchange rate

FEMA - 42 - Dated:- 4-2-2016 - RBI/2015-16/307 A.P. (DIR Series) Circular No. 42 February 4, 2016 To All Category - I Authorised Dealer Banks Madam/ Sir, Attention of Authorised Dealer Category I (AD Category - I) banks is invited to Notification No. FEMA. 14 /RB -2000, dated 3rd May 2000, as amended from time to time, dealing with manner of receipt and payment, in terms of which export proceeds for exports from India and import payments for imports to India may be received / made in any mode in .....

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ions (excluding those put through the ACU mechanism), subject to conditions as under: a. Exporter/ Importer shall be a customer of the AD Bank, b. Signed contract / invoice is in a freely convertible currency, c. The beneficiary is willing to receive the payment in the currency of beneficiary instead of the original (freely convertible) currency of the invoice/ contract/ Letter of Credit as full and final settlement, d. AD bank is satisfied with the bonafides of the transactions, and; e. The cou .....

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