Madras HC: Police Superintendent not Liable For IO’s Delay In Filing Chargesheet or Closure Report || Supreme Court: Provident Fund Dues Have Priority over a Bank’s Claim under the SARFAESI Act || SC Holds Landowners Who Accept Compensation Settlements Cannot Later Seek Statutory Benefits || Supreme Court: Endless Investigations and Long Delays in Chargesheets Can Justify Quashing || Delhi HC: Arbitrator Controls Evidence and Appellate Courts Cannot Reassess Facts || Delhi HC: ED Can Search Anyone Holding Crime Proceeds, not Just Those Named in Complaint || Delhi HC: ED Can Search Anyone Holding Crime Proceeds, not Just Those Named in Complaint || Delhi HC: Economic Offender Cannot Seek Travel Abroad For Medical Treatment When Available In India || SC: Governors and President Have No Fixed Timeline To Assent To Bills; “Deemed Assent” is Invalid || SC: Assigning a Decree For Specific Performance of a Sale Agreement Does Not Require Registration

Settlement of Export/ Import transactions in currencies without direct exchange rate- (Reserve Bank of India) (04 Feb 2016)

MANU/APDR/0009/2016

Banking

The Reserve Bank of India has permitted AD Category-I banks to settle import and export transactions where invoicing is in a freely convertible currency and the settlement takes place in the currency of the beneficiary, which while convertible does not have a direct exchange rate. Qualifications include existence of a signed contract or invoice in a freely convertible currency, beneficiary willing to receive payment in its currency instead of the original, amongst others.

Tags : EXPORT IMPORT TRANSACTION DIRECT EXCHANGE RATE

Share :