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Manner of payment in foreign exchange

Regulation 5 - Regulation - FEMA - Regulation 5 - 5. : - (1) A payment in foreign exchange by an Authorised Dealer, whether by way of remittance from India or by way of reimbursement to his branch or correspondent outside India against payment for import into 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) Payment for import of eligible goods and services by cr .....

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yment 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 Republic of Iran (a) Payment for import 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) Payment in any freely convertible currency and / or in accordance with the directions issued by the Reserve Bank to the .....

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