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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. .....

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accordance with the directions issued by the Reserve Bank of India to the Authorized Dealers from time to time. 2. To further liberalize the procedure and facilitate settlement of export and import transactions where the invoicing is in a freely con .....

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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 .....

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