It is permissible under FEMA for the realisation of the export proceed in INR aganist the export of services . The payment are routed through the exchange house based in dubai , kuwait , Oman and reflected in INR in fedral bank
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Export proceed in inr
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There is no any restriction under FEMA that export realisation be received in INR but para 2.52 (a)of the Foreign Trade Poilcy 2015-20 Provides as under:
All export contracts and invoices shall be denominated either in freely convertible currency or Indian rupees but export proceeds shall be realized in freely convertible currency.
Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016 Permit receipt in inr for export of service
| Originally posted by : rahul | ||
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Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016 Permit receipt in inr for export of service |  |
YES,as i said above as per FEMA there is no restriction but, Foreign Trade Policy says that :
"All export contracts and invoices shall be denominated either in freely convertible currency or Indian rupees but export proceeds shall be realized in freely convertible currency. "
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