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ACU-Funding of Nostro Account on �Tom� basis in addition to
�Spot� basis
In
terms of Paragraph 12(ii) of
Memorandum ACM, requests from authorised dealers for funding of their ACU
dollar accounts with commercial banks in participating countries on �Spot�
basis are required to be made in form ACU-1, in duplicate, to the Department of
External Investments & Operations (DEIO); Reserve Bank of India, Mumbai.
2.
It has now been decided that requests from authorised dealers for funding
their ACU dollar accounts with commercial banks in participating countries as
well as for repatriation of the excess liquidity in the ACU dollar accounts of
their correspondent banks maintained with them, would be accepted in ACU 1 and
ACU 2 format respectively, by DEIO, RBI, Mumbai on �Tom� basis also, in
addition to �Spot� basis, with effect from March 1, 2001.
Authorised Dealers desirous of availing the facility of booking
transactions on �Tom� basis, should submit their applications to DEIO, RBI,
Mumbai before 3.00 p.m. a day prior to Value Date.
3.
Consequent to the change mentioned above, Form ACU 1 may be replaced by
the enclosed Slip.
4.
The directions contained in this circular have been issued under Section
10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of
1999). Any contravention or
non-observance of these directions is subject to the penalties prescribed under
the Act.
ACU
1
(Paragraph
12(ii) of ACM)
(To
be submitted in duplicate)
The
Chief General Manager,
Reserve
Bank of India,
Department
of External Investments & Operations,
Central
Office,
Mumbai-400
001
Dear
Sir,
Asian
Clearing Union
We___________________________________
hereby undertake to deliver for the account of the Reserve Bank of India with
FRBNY with US$ __________________ (____________________) for *spot/ tom delivery
on ______________ (in words) (value date). Kindly arrange to credit the foreign
currency amount to our account No. _______________________ with
________________________________ through _________________________________ (name
of correspondent bank) (name of participant central bank and office).
Yours
Faithfully,
Manager
�
Strike out whichever is not necessary.
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