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We have an agreement with an Indian company say X (Registered under Indian company act, 1956).
Nature of agreement: Design, supply and installation of Cargo Handling System at IGI Airport.
It is fully automatic system for movement of cargo under warehouse.
Now as per agreement with X we have to made an payment of their Germany nostro a/c.
As per my knowledge some payment are allowed such as infrastructure project but airport are excluded.
Further I don’t know exactly under which act it is falls.
So pl tell me I’m correct/not. Also tell me under which rule/section /notification /circular of RBI/other Act it is mentioned.
My observation is we can’t made payment in X foreign account and X also agreed with us.
Pl give specific answer with section/circular of respetive Act. |
