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Manner of Receipt in Foreign Exchange

Regulation 3 - Regulation - FEMA - Regulation 3 - 3. : - (1) Every receipt in foreign exchange by an authorized dealer, whether by way of remittance from a foreign country or by way of reimbursement 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 an .....

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rom India to Myanmar, payment may be received in any freely convertible currency or through ACU mechanism from Myanmar. (ii) Nepal and Bhutan - (a) Receipt may be in Rupees (b) Receipts for export of 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 expo .....

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