4. Charges Received in Indian Currency deemed to have been received in Foreign Exchange.
- For the purposes of clause (a) of the Explanation to sub-section (1) of section 5, the charges received in Indian currency obtained by conversion of foreign exchange into Indian currency shall be deemed to have been received in foreign exchange in the cases and in the circumstances mentioned below :-(i)where the payment in respect of the chargeable receipts of a hotel has been made out of Indian currency obtained by conversion of foreign exchange brought into India through a n authorised dealer by a travel agent on behalf of a foreign tourist or group of foreign tourists;(ii)where the payment in respect of the chargeable receipts of the hotel has been made in the manner referred to in clause (i), by an airline on behalf of a foreign tourist or a group of foreign tourists :Provided that the travel agent or, as the case may be, the airline furnishes to the hotel a certificate in Form No. 1 at the time of payment of the charges.Explanation. - For the purpose of this rule,-(i)"air line" and " travel agent " respectively mean an airline or travel agent which holds a valid licence granted under section 32 of the Foreign Exchange Regulation Act, 1973 (46 of 1973), by the Reserve Bank of India.(ii)" authorised dealer " shall have the meaning assigned to it in clause (b) of section 2 of the Foreign Exchange Regulation Act, 1973 (46 of 1973).
