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



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.


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