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Foreign Exchange Management (Manner of Receipt and Payment) Regulations 2016

FEMA - 14 (R)/2016-RB - Dated:- 2-5-2016 - RESERVE BANK OF INDIA (FOREIGN EXCHANGE DEPARTMENT) (Central Office) NOTIFICATION No. FEMA 14 (R)/2016-RB Mumbai, the 2nd May, 2016 G.S.R. 480(E).-In exercise of the powers conferred by Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), and in supersession of Notification No. FEMA.14/ 2000-RB, dated May 3, 2000, as amended from time to time, dealing with Manner of Receipt and Payment, Notification No. FEMA.16/2000-RB, dated May 3, 200 .....

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the date of their publication in the Official Gazette. 2. Definitions : In these Regulations, unless the context requires otherwise, - (i) 'Act' means the Foreign Exchange Management Act, 1999 (42 of 1999); (ii) 'Authorised Dealer' means a person authorized as an authorized dealer under subsection (1) of Section 10 of the Act (iii) 'Authorised Bank' means a bank, other than an authorized dealer, authorized by the Reserve Bank to accept deposits from persons resident outsi .....

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from his branch or correspondent outside India against payment for export from India, or against any other payment, shall be as mentioned below: (A) Members of the Asian Clearing Union (i) Bangladesh, Myanmar, Pakistan, Sri Lanka & Republic of Maldives - a) Receipt for export of eligible goods and services by debit to the Asian Clearing Union Dollar account and / or Asian Clearing Union Euro account in India of a bank of the member country in which the other party to the transaction is resi .....

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f goods to Nepal may be made in free foreign exchange, provided the importer resident in Nepal has been permitted by the Nepal Rashtra Bank to make payment in free foreign exchange. However such receipts shall not be routed through the ACU mechanism. (iii) Islamic Republic of Iran (a) Receipt for export of eligible goods and services, in any freely convertible currency and / or in accordance with the directions issued by the Reserve Bank to the authorized dealers from time to time. (b) Receipt i .....

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e place of final destination as mentioned in the declaration form irrespective of the country of residence of the buyer. (b) Any other mode of receipt of export proceeds for an export from India in accordance with the directions issued by the Reserve Bank of India to authorized dealers from time to time. (3) Authorised dealers have been permitted to allow receipts for export of goods/ software to be received from a Third party (a party other than the buyer) as per the guidelines issued by the Re .....

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intained by the buyer with an Authorised Dealer or an Authorised Bank in India; (iii) in rupees from the credit card servicing bank in India against the charge slip signed by the buyer where such payment is made by the buyer through a credit card; (iv) from a rupee account held in the name of an Exchange House with an authorized dealer if the amount does not exceed fifteen lakh rupees per export transaction or an amount prescribed by RBI, in consultation with Government of India in this regard; .....

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on the condition that the sale contract provides for the same and the value is declared in the relevant EDF. (2) In addition to 4 (1) (i) & (iii) above, any person resident in India may also receive any payment for other than exports by means of postal order issued by a post office outside India or by a postal money order issued by such post office. 5. Manner of payment in foreign exchange : - (1) A payment in foreign exchange by an Authorised Dealer, whether by way of remittance from India .....

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ransaction is resident or by debit to the Asian Clearing Union Dollar account and / or Asian Clearing Union Euro account of the authorized dealer maintained with the correspondent bank in that member country ; (b) Payment may also be made in any freely convertible currency in all other cases. (c) In respect of imports to India from Myanmar, payment may be made in any freely convertible currency or through ACU mechanism from Myanmar. (ii) Nepal and Bhutan - Payment may be in Rupees (iii) Islamic .....

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f a bank situated in any country other than a member country of the Asian Clearing Union (ii) Payment in any freely convertible currency. (2) In respect of import into India - (a) Where the goods are shipped from a member country of the Asian Clearing Union (other than Nepal and Bhutan) but the supplier is resident of a country other than a member country of the Asian Clearing Union, payment may be made in a manner specified for countries in Group B of Regulation 5; (b) In all other cases, payme .....

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ned in Regulation 5, a person resident in India may make payment for import of goods. In foreign exchange through an international card held by him/ in rupees from international credit card/ debit card through the credit/ debit card servicing bank in India against the charge slip signed by the importer/ as prescribed by Reserve Bank from time to time. Provided that - (a) the transaction for which the payment is so made is in conformity with the provisions of the Act, rules and regulations made t .....

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