- 1
- Each Designated Airline(s) shall have the right to convert and remit to its country, on demand, at the official rate of exchange, the excess of receipts over expenditures achieved in connection with the carriage of traffic. The above mentioned transfer shall be made in convertible currencies and in accordance with the national laws and foreign exchange regulations applicable.
- 2
- On a basis of reciprocity, the conversion and remittance of such revenues shall be permitted without restriction at the rate of exchange applicable to current transactions which is in effect at the time such revenues are presented for conversion and remittance, and shall not be subject to any charges except those normally made by banks for carrying out such conversion and remittance.
- 3
- The Designated Airline(s) of each Contracting Party shall have the right at their discretion to pay for local expenses, including purchases of fuel, in the Territory of the other Contracting Party in local currency or in freely convertible currencies.
- 4
- The Designated Airline(s) of each Contracting Party shall receive approval for such transfer within at most thirty (30) days of application, into any currency, at the official rate of exchange for conversion of local currency, as at the date of sale. The Designated Airline(s) of each Contracting Party shall be entitled to effect the actual transfer on receipt of approval.
