Calcutta HC: Award May Be Set Aside if Tribunal Rewrites Contract or Ignores Key Clauses || Delhi HC Suspends Kuldeep Singh Sengar’s Life Term, Holding Section 5(C) of POCSO Not Made Out || Calcutta High Court: Arbitration Clause in an Expired Lease Cannot be Invoked For a Fresh Lease || Delhi High Court: 120-Day Timeline under Section 132B Of Income Tax Act is Not Mandatory || NCLAT Reaffirms That Borrower's Debt Acknowledgment Also Extends Limitation Period for Guarantors || NCLAT: Oppression & Mismanagement Petition Cannot Be Filed Without Company Membership on Filing Date || Supreme Court Quashes Rajasthan Village Renaming, Says Government Must Follow its Own Policy || NCLAT: NCLT Can Order Forensic Audit on its Own, No Separate Application Required || NCLAT Reiterates That IBC Cannot be Invoked as a Recovery Tool for Contractual Disputes || Delhi HC: DRI or Central Revenues Control Lab Presence in Delhi Alone Does Not Confer Jurisdiction

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 :