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Foreign Exchange Management (Manner of receipt and payment) Regulations 2016

FEMA - 11 [(1)/14(R) - Dated:- 20-10-2016 - RBI/2016-17/93 A.P. (DIR Series) Circular No. 11 [(1)/14(R)] October 20, 2016 To All Category - I Authorised Dealer Banks Madam/Sir, Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to A.D.(M.A. Series) Circular No. 11 dated May 16, 2000 in terms of which ADs were advised of various Rules, Regulations, Notifications/ Directions issued under the Foreign Exchange Management Act, 1999 (hereinafter referred to as the Act). In cons .....

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n of Authorised Dealers is invited to para A.3 of Master Direction No 16/2015-16 on Export of Goods and Services and B.4 of Master Direction No 17/2015-16 on Import of Goods and Services dated January 1, 2016 respectively, as amended from time to time. The synopsis of the new Regulations notified is as under: 2. Manner of receipt in foreign Exchange : (1) AD bank may receive foreign exchange by way of remittance or by way of reimbursement from his branch or correspondent outside India against pa .....

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correspondent bank in that member country, b) In any freely convertible currency for cases other than export of eligible goods and services, c) In respect of exports from India to Myanmar, payment may be received in any freely convertible currency or through the ACU mechanism from Myanmar. (ii) Nepal and Bhutan- a) In Rupees b) In respect of exports from India to Nepal, may be received in any freely convertible currency also, provided the importer resident in Nepal has been permitted by the Nep .....

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In any freely convertible currency. (2) (i) In respect of export from India, receipt shall be made in a currency appropriate to the place of final destination as mentioned in the declaration form irrespective of the country of the residence of the buyer, (ii) Any other mode of receipt of export proceeds as prescribed by the Reserve Bank of India from time to time. (3) Payment for export of goods / software may be received from a Third Party (a party other than the buyer) as per specified conditi .....

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transaction; (v) In accordance with the directions issued by the Reserve Bank to Authorised Dealers, where the export is covered by the arrangement between the Central Government and the Government of a foreign country or by the credit arrangement entered into by the Exim Bank with a financial institution in a foreign state; (vi) In the form of precious metals i.e. gold / silver / platinum equivalent to value of jewellery exported by Gem & Jewellery units in Special Economic Zones and Expor .....

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orrespondent outside India against payment for import into India, or against any other payment in the following manner: (A) Members of Asian Clearing Union: (i) Bangladesh, Myanmar, Pakistan, Sri Lanka and Republic of Maldives - a) Payment for import of eligible goods and services by credit to the ACU Dollar/Euro account in India of a bank of the member country in which the other party to the transaction is resident or by debit to the ACU Dollar/Euro account of the Authorised Dealer maintained w .....

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prescribed by Reserve Bank of India to ADs from time to time, (B) All countries other than those mentioned in (A) above: (i) Payment in rupees from the account of a bank situated in any country other than an ACU member, (ii) In any freely convertible currency. (2) In respect of imports into India; (i) where the goods are shipped from ACU member, but the supplier is resident of a country other than member of ACU (other than Nepal and Bhutan), payment may be made in rupees to the account of a ban .....

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of goods may be made 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 the transaction is in conformity with the extant provisions including the Foreign Trade Policy in force. (B) Any person resident in India may also make payment as under: (i) in rupees towards .....

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