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INTRODUCTION : Exchange Control is another important area of international trade. The term exchange control applies to the rules and regulations designed to regulate transactions involving foreign exchange. The objective of the exchange control is primarily to regulate the demand for foreign exchange for various purposes within the limits set by available supply. Exchange control becomes necessary when the country's external reserves are not adequate for meeting its current and potential requirements. In this unit you will learn the objectives of exchange control and various provisions of Foreign Exchange Regulation Act 1973. The amended version of this act known as Foreign Exchange Regulation (Amendment) Act, 1993 which has been further amended by Finance Act, 1995 will be discussed at great length. You will also learn the documentation and related procedures of Foreign Exchange Regulation Act.
Foreign Exchange Transactions : A foreign exchange transaction is ultimately the purchase or sale of one national currency against another arising out of import or export of goods
Export Under Claim of Rebate Under Rule 12(i) (A) Under the Central Excise Rule 12(i) (A), rebate of duty paid on export of duty paid goods shall be granted. The rule permits t
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Administration of the Act : The exchange control policy is determined in India by the Ministry of Finance Government of India on the basis of The Foreign Exchange Regulation Act,
Advance against Goods Sent on Consignment: Sometimes exports are affected on consignment basis. In such condition payment is receivable subject to sale of goods. Goods are exporte
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