If authorized dealer receives any foreign payment by way of either remittance or by reimbursement or any other payment shall be in the manner as stated below:
Member of Asian Clearing Union (ACU):
In case of Bangladesh, Myanmar, Pakistan, Sri-Lanka and Maldives: Payment should be made by credit to ACU Dollar account and ACU Euro account.
Manner of Receipt in case of exports:
As per the provisions of Regulation 4 of Foreign Exchange Management (Manner of Receipt and Payment) Regulation, 2016, payment for export can be received in following form:
Payment can be received in Cash from foreign travellers in India:
While visiting India, foreign traveller can make the payment in foreign exchange in India while making purchase across the counter. As per RBI, Guidelines, this Foreign exchange should be surrendered to authorised persons in India.
Such foreign Exchange shall be treated as earning in foreign exchange and the service provider shall be eligible to claim benefit under Export Promotion Capital Goods Scheme and Served From India Scheme.
Receipt through postal order or postal money order:
As per regulation 4(2) of Foreign Exchange Management (Manner of Receipt and Payment) Regulation, 2016, Person Residents in India can receive foreign payment from other than exports, by postal order by post office outside India or Postal money order issued by foreign post office.
Asian Clearing Union (ACU):
ACU was established to settle the payments for current international transactions within the ESCAP region (United Nations Economic and Social commission for Asia and Pacific) on a multilateral basis.
Agreement to establish ACU was approved by Central Banks and monetary authorities of regional members and was signed on their behalf by Board of Directors of ACU. ACU (Procedure) Rules have been also adopted by the Board of Directors of ACU.
Asian Clearing Memorandum: Memorandum of procedure for channelling transactions through Asian Clearing Union (ACU) issued by RBI contains detailed procedure to be followed by authorised dealers for handling transactions which are to be cleared through ACU.
Transactions will be handled by authorised dealers in the same manner as other normal foreign exchange transactions.”