Question

What are the rules reating to realising export proceed under the exchange control regulations

Answer 1

EXCHANGE CONTROLS:The main objectives of the exchange control in India are :<a> to conserve foreign exchange and ensure its utilisation fornational priorities;(b) control and surveillance of foreign capital and theactivities financed by it; and<c) the proper accounting of foreign exchange receipts andpayments for statistical purposes.The administrative authority for foreign exchange regulation isvested in the Reserve Bank of India and the routine workof exchange control is delegated to those commercial banks, whichare authorised to deal in foreign exchange business. Such banksare known as "authorised dealers".2.1 All international transactions, which have financialimplications, are covered by exchange controls. They include:(a) purchase, sale and other dealings of foreign exchange andmaintenance of balances at foreign centres,