Section 5(2) in The Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016
(2)In respect of import into India -(a)Where the goods are shipped from a member country of the Asian Clearing Union (other than Nepal and Bhutan) but the supplier is resident of a country other than a member country of the Asian Clearing Union, payment may be made in a manner specified for countries in Group B of Regulation 5;(b)In all other cases, payment shall be made in a currency appropriate to the country of shipment of goods;(c)Any other mode of payment in accordance with the directions issued by the Reserve Bank of India to authorized dealers from time to time.
