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Currency of payment received in export

Aman Gupta (Director) (29 Points)

15 March 2012

sir

in which all currency i can receive payment in case of export of goods to other countries. Does in any case it includes indian rupees?

Kindly provide the notification number of central excise under which the "currency of payment" is specified.

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SHARIQUE TAHSEEN (OWNER) (57 Points)
Replied 15 March 2012

I beleive the following points may be helpful to you:

Foreign Exchange Management (Manner of Receiptand Payment) Regulations, 2000

Payment for export may also be receivedby the exporter as under namely:

i) in the form of a bank draft, cheque, pay order, foreign currency notes/travellers chequefrom a buyer during his visit to India,

provided the foreign currency so received issurrendered within the specified period to the authorised dealer of which the exporter is a customer ;

ii) by debit to FCNR/NRE account maintained by the buyer with an authoriseddealer or an authorised bank in India ;

iii) in rupees from the credit card servicing bank in India against the charge slip signed by thebuyer where such payment is made by the buyer through a credit card ;

iv) from a rupee account held in the name of an Exchange House with an authorised dealer if the amount does not exceed two lakh rupees per export transaction ;

v) in accordance with the directions issued by the Reserve Bank to authorised dealers, wherethe export is covered by the arrangement between the Central Government and theGovernment of a foreign country or by the credit arrangement entered into by the EximBank with a financial institution in a foreign state.