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Corporate Laws Central Ministry of Finance Foreign Exchange Management Act, 1999

Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023

20-Dec-2023 | No. FEMA 14(R)/2023-RB

Foreign Exchange Department has issued Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023 in supersession of Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016 issued through Notification No. FEMA 14(R)/2016-RB dated May 02, 2016. By virtue of this notification following changes have been made :- 1. In Regulation 2 (1) (ii) Authorised Bank shall have the same meaning as given in the Foreign Exchange Management Deposit) Regulations, 2016 as amended from time to time. 2. In Regulation 3 'Manner of receipt and payment for export to or import from the countries'- i) For Transactions other than trade transactions receipt and payment in Nepal and Bhutan shall be made In Indian Rupees provided that in case of overseas investment in Bhutan, payment may also be made in foreign currency and for Other Countries payment shall be made In Indian Rupees or any foreign currency. ii) For Trade transactions receipt and payment for Countries other than member countries of ACU shall be made In Indian Rupees or in any foreign currency. Provided the receipts and payments may also be made in a manner as may be provided in the extant Foreign Trade Policy framed by the Central Government. iii) Any payment or receipt under regulation 3 may also be made by debit/ credit to a bank account maintained in terms of the rules, regulations or directions issued under the Act.

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