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if an individual makes payment in foreign currency for purchase of magazine from out of india, what’s conseque
In case if he makes payment for foreign magazines in foreign currency, then it comes under the current account transaction list under foreign exchange management act. Accordingly to me, he will be penalised thrice the amount. Is there any different answer for this. Is there any prosecution involved as he has made payment in foreign currency. what is the way out if he has already made payment by ignorance.
The best way is to use an international credit card which allows you to make payments such as buying magazines from out of India
Here’s a quote from the Reserve Bank of India http://www.rbi.org.in/scripts/FAQView.aspx?Id=53
Use of the International Credit Cards (ICCs) / ATMs/ Debit Cards can be made for making personal payments like subscription to foreign journals, internet subscription, etc., and for travel abroad in connection with various purposes. Your entitlement of foreign exchange on International Credit Cards (ICCs) is limited by the credit limit fixed by the card issuing authority only. With ICCs you can i) meet expenses/make purchases while abroad ii) make payments in foreign exchange for purchase of books and other items through internet in India. If you have a foreign currency account in India or with a bank overseas, you can even obtain ICCs of overseas banks and reputed agencies.