RBI/2013-14/3
Master Circular No. 3/2013-14
July 01, 2013
To,
All Authorised Dealer Category-I Banks
Madam / Sir,
Master Circular on Memorandum of Instructions for Opening and Maintenance of
Rupee/ Foreign Currency Vostro Accounts of Non-resident Exchange Houses
This Master Circular consolidates the existing instructions on the subject of
“Memorandum of Instructions for Opening and Maintenance of Rupee/ Foreign
Currency Vostro Accounts of Non-resident Exchange Houses” at one place. The list
of underlying circulars/ notifications is set out in the Appendix.
2. This Master Circular is issued with a sunset clause. This circular will stand
withdrawn on July 01, 2014 and be replaced by an updated Master Circular on the
subject.
Yours faithfully,
(Rudra Narayan Kar)
Chief General Manager
INDEX
PART-A
SECTION I
Operations of Rupee Vostro Accounts of Non-resident Exchange Houses
1. Introduction
Authorised Dealer Category-I (AD Category-I) banks may obtain prior approval of
the Reserve Bank the first time they enter into Rupee Drawing Arrangements(RDAs)
with non-resident Exchange Houses from Gulf countries, Hong Kong, Singapore,
Malaysia and all other countries which are FATF compliant1 for opening and
maintaining Rupee vostro accounts in India of those non-resident Exchange Houses
under the said RDAs. Subsequently, they may enter into RDAs, subject to the
prescribed guidelines and inform the Reserve Bank immediately. However, once the
total number of RDAs reaches twenty, the AD Category-I bank may cause a detailed
external Audit of their internal system to ensure that it is working
satisfactorily. Based on the satisfactory report, the Board of AD Category-I
banks may authorize more such arrangements. A copy of the Board Note together
with Board Resolution in the matter may be filed with the Reserve Bank and new
arrangements informed to the Reserve Bank immediately. The following are the
detailed guidelines for opening and maintenance of Rupee/ foreign currency
vostro accounts of non-resident Exchange Houses in India.
2. (a) Under the Rupee Drawing Arrangements (RDAs), cross-border inward
remittances are received in India through Exchange Houses situated in Gulf
countries, Hong Kong, Singapore, Malaysia (for Malaysia only under Speed
Remittance Procedure) and all other countries which are FATF compliant (for all
other countries which are FATF compliant only under Speed Remittance
Procedure)2. AD Category–I banks should apply to the Reserve Bank in the form
provided at Annex-I with necessary documents for the first time they enter into
RDAs with non – resident Exchange Houses from Gulf countries, Hong Kong,
Singapore, Malyasia and all other countries which are FATF compliant3, for
opening and maintaining in India the Rupee vostro accounts of those non –
resident Exchange Houses.
(b) This master circular contains the various provisions pertaining to the
opening and maintenance of Rupee Vostro accounts in India of non-resident
Exchange Houses.
3. General Instructions
(a) While considering the request of an Exchange House for opening an account in
India, the AD Category-I banks concerned should make necessary enquiries about
the financial standing of the Exchange House, in accordance with the normal
banking practices and satisfy themselves fully in all respects. AD Category-I
banks should also ensure that the Exchange Houses hold valid licences issued by
the Local Monetary/ Supervisory Authority concerned and have necessary authority
/licence to transact currency exchange/ money transfer business.
(b) The requirement of registration of the Agreement between the AD Category-I
banks and Exchange Houses under the Rupee Drawing Arrangement/ Foreign Currency
Drawing Arrangement has been made optional. However, such arrangements should be
subjected to comprehensive legal documentation and AD Category-I banks should
take care of all necessary legal requirements in this regard. Further, it should
be ensured that all the partners of the Exchange Houses are jointly and
severally bound to honour the obligations devolving on the Exchange Houses under
the agreement.
(c) The normal banking requirements of registration of Power of Attorney/
Specimen signatures of signing officials of the Exchange Houses should be
observed.
4. Instructions regarding operations in the Rupee vostro accounts
(a) The accounts can be used for channeling cross- border inward remittances
into India primarily on private account. The remitter and the beneficiary should
be individuals barring a few exceptions. Remittances through Exchange Houses for
financing of trade transactions are permitted up to Rs.2,00,000 (Rupees two lakh
only) per transaction. The accounts should not be used for cross-border outward
remittances from India.
(b) The accounts should run on a credit basis. No overdraft should be granted to
the account holders. However, in case of Designated Depository Agency (DDA)
procedure, the funds lying in the DDA A/c may be taken into account, if need be.
AD Category-I banks shall adopt value dating where on-line debit to Rupee Vostro
Account is not possible on a real time basis when any payment is made at drawee
branches, to check adequacy of funds and detect concealed overdrafts. However,
in such cases, it may be ensured that the drawee branches are networked at the
earliest.
(c) Separate Rupee Vostro account shall be maintained for each arrangement. The
accounts should be funded by sale of permitted foreign currency to the AD
Category-I bank, which maintains the account. Rupee funds transferred from
another AD Category-I bank or from another Vostro account will not be eligible
for credit to the account.
(d) Debits of permitted types of inward remittances [vide item 4(a) above] may
be allowed freely and given the same status as remittances made in foreign
exchange in an approved manner to India. Thus, such payments will be eligible
for credit to Non-Resident (External) Rupee Accounts maintained by Non-Resident
Indians, or for acceptance under priority allotment, etc., schemes. In order to
facilitate tourists (whether Indian or not), receiving remittances through such
accounts to prove the external sources of the funds wherever required (such as
for payment of passages in India or for re-conversion of unutilised balances),
AD Category-I banks may issue certificates in the same form as obtaining for
inward remittances received through Rupee accounts of overseas banks.
(e) Funds in such accounts will not be convertible, nor will they be
transferable to other AD Category-I banks or to other non-resident accounts
maintained with the same AD Category-I bank.
(f) Balances in such accounts will not qualify for payment of interest.
(g) The branch of the AD Category–I bank maintaining the Rupee Vostro account of
the Exchange House should not credit to the account, Rupees purchased by the
latter unless confirmation is received to the effect that the Nostro account of
the AD Category-I bank has been credited with the counter-value in foreign
currency (cf. paragraph 3.3.1 of the Guidelines for Internal Control over
Foreign Exchange Business, February, 2011).
(h) AD Category-I banks may like to obtain suitable and adequate collateral
either in the form of a cash deposit in any convertible foreign currency or
guarantee of a bank of international repute, depending on the type of
arrangement to take care of the credit and operational risks.
(i) A cap of 300 on the number of drawee branches has been prescribed by the
Reserve Bank as a prudential measure. However, AD Category-I banks may designate
drawee branches beyond 300, provided such branches are under the Core Banking
Solution where on-line monitoring of funds position is ensured to avoid
concealed overdrafts in vostro accounts, subject to the terms and conditions of
Reserve Bank’s approval for the tie-up with an Exchange House and the
instructions pertaining to RDA issued by the Reserve Bank from time to time. The
AD Category-I banks should obtain necessary Board approval before increasing the
number of drawee branches beyond 300 and should inform the position to the
Reserve Bank, immediately.
SECTION II
Permitted Transactions
Drawing Arrangements with Exchange Houses are primarily designed to channel
cross-border inward personal remittances. Under no circumstances, donations /
contributions to charitable institutions should be routed through the Exchange
Houses. The following is the list of permissible transactions under Drawing
Arrangements with Exchange Houses:
(i) Credit to Non-resident (External) Rupee accounts maintained by Non-Resident
Indians in Indian Rupees.
(ii) Payments to families of Non-resident Indians.
(iii) Payments in favour of Insurance companies, Mutual Funds and the Post
Master for premia / investments.
(iv) Payments in favour of bankers for investments in shares, debentures.
(v) Payment to Co-operative Housing Societies, Government Housing Schemes or
Estate Developers for acquisition of residential flats in India in individual
names, subject to compliance of regulations applicable thereof, by the
Non-resident Indians.
(vi) Payments of tuition/ boarding, examination fee, etc., to schools, colleges
and other educational institutions.
(vii) Payments to medical institutions and hospitals in India4, for medical
treatment of NRIs / their dependents and nationals of all FATF countries5.
(viii) Payments to hotels by nationals of all FATF compliant6 countries / NRIs
for their stay.
(ix) Payments to travel agents for booking of passages of NRIs and their
families residing in India towards their travel in India by domestic airlines /
rail, etc.
(x) Trade transactions up to Rs.2,00,000.00 (Rupees Two lakhs only) per
transaction.
Note : No cash disbursement of remittances received is allowed under Rupee /
Foreign Currency Drawing Arrangements.
SECTION III
Rupee Drawing Arrangement Procedures and Collateral Cover
Rupee Drawing Arrangements can be conducted under the Designated Depository
Agency (DDA), Non-Designated Depository Agency (Non-DDA) and Speed Remittance
procedures.
1. Designated Depository Agency (DDA) Procedure
(a) The Exchange House will be required to open a bank account in a convertible
foreign currency (known as DDA account) in the name of the drawee bank (a/c-
Exchange House) with an international bank acceptable to the drawee bank at a
centre mutually agreed upon or with the drawee bank itself at the branch where
the corresponding Rupee Vostro account is maintained, with the prior approval of
the Reserve Bank.
(b) The Exchange House will, at the end of each day, arrive at the total
drawings in Indian Rupees for the day and will convert the same into foreign
currency which shall be deposited into the account of the drawee bank
(a/c-Exchange House) [known as DDA account, as described at 1(a) above] on the
next working day before noon.
(c) The Exchange House will send to the drawee bank information about the total
number and the aggregate value of drafts drawn and daily deposits in the DDA
account. Transfer from the DDA account should be as frequently as possible and
is subject to the stipulation as at 1(e) below.
(d) The funds will be held in the DDA account under lien to the drawee bank. The
only debits allowed from the DDA account will be (i) on account of transfer to
the Nostro account of the drawee bank where the DDA account is maintained with a
bank other than the drawee bank, (ii) for crediting the Rupee vostro account of
the Exchange House by selling permitted foreign currency to the drawee bank
where the DDA account is maintained with the drawee bank.
(e) It will be the responsibility of the Exchange House to arrange for the
transfer of the sum collected on any particular day to the DDA account. The
float period for the funds with DDA account will be decided by the drawee bank
in consultation with the Exchange House subject to a maximum of five days.
(f) The interest earned on the amount deposited by the Exchange House with the
DDA as provided for at 1 (b) above, up to the date of transfer to the Nostro
account of the drawee bank will accrue to the Exchange House.
(g) To ensure compliance of the above, the drawee bank in India will appoint a
firm of practising Chartered Accountants/ Auditors, operating in the country
concerned to examine the daily drawings and deposits in the accounts with the
DDA as well as transfer to the Nostro account of the drawee bank. For this
purpose, the Exchange House will undertake to allow the auditors to inspect the
books, pay in vouchers, etc., of the Exchange House in so far as they pertain to
Rupee drawing arrangement. Such inspections will be done at least once or twice
every week by the auditors.
(h) As an alternative to the appointment of auditors as mentioned in paragraph
1(g) above, the AD Category-I bank may depute a suitable official as their
representative to the Exchange House to take up such functions so as to
safeguard the interests of the AD Category-I bank.
(i) The auditors / representative will promptly report the findings to the
drawee bank. In case of default on the part of the Exchange House, the drawee
bank will as per terms and conditions of agreement, terminate the agency
arrangement under notice to the Exchange House. The termination will also be
promptly reported to the Reserve Bank.
(j) So long as the Exchange House complies with the guidelines, the drawee bank
will ensure that the drafts issued are honoured at the branches mutually agreed
to.
(k) The remuneration payable to the auditors will be borne by the drawee banks.
(l) Drafts drawn by the Exchange House should have a validity of only three
months from the date of issue thereof.
(m) AD Category-I banks should satisfy themselves that the books of accounts of
Exchange Houses are regularly audited by auditors approved by the local
supervisory authorities.
(n) AD Category-I banks should call for periodical credit reports, audited
balance sheet and profit and loss account of the Exchange House and other
relevant information so as to take a decision regarding continuance of accounts
in their books.
(o) Valid copies of all licences should also be kept on record by the AD
Category-I bank.
(p) Since the books of accounts of the Exchange House cannot be inspected, AD
Category-I banks should periodically review the arrangement by paying visits to
the Exchange Houses and / or by periodical review of opinion reports. The visits
of officials from AD Category-I banks should be at a sufficiently senior level,
who are fully conversant with the conduct of the Non-resident Rupee Accounts of
the Exchange Houses.
(q) Collateral Cover for DDA : For Exchange Houses which have not completed
three years of operation, collateral cover in cash deposit in any convertible
foreign currency or guarantee from a bank of international repute equivalent to
7 days’ projected drawings may be obtained. For Exchange Houses which have
completed three years of successful operations, no collateral is prescribed.
However, AD Category-I banks may secure their position by acquiring adequate
collateral cover. Cash deposit in any convertible foreign currency or a
guarantee from a bank of international repute equivalent to 15 days’ estimated
drawings may be obtained as collateral cover where it is not possible to appoint
auditors as mentioned at 1(g) above. The deposit should be in the name of the AD
Category-I bank with interest thereon at market related rates payable to the
Exchange House placing the deposits. The amount of deposit and guarantee should
be periodically reviewed and properly monitored by the AD Category-I banks to
ensure that the collateral covers adequately the drawings.
2. Non- DDA procedure
(a) As an alternative to maintaining a DDA account and appointment of auditors
as above, the AD Category-I banks may opt for the Non-DDA procedure.
(b) Under Non – DDA procedure, the Exchange House funds their vostro account
with the AD Category-I banks by purchasing rupees from the AD Category-I banks
against USD for the total of drafts issued by them at periodic intervals and
sends weekly statements of drawing and funding to the AD Category-I banks.
(c) Collateral Cover for Non-DDA : For Exchange Houses which have not completed
three years of operation, collateral cover in cash deposit in any convertible
foreign currency or guarantee from a bank of international repute equivalent to
7 days’ projected drawings may be obtained. For Exchange Houses which have
completed three years of successful operations, no collateral is prescribed.
Further, under Non-DDA arrangement, a collateral cover in cash deposit in any
convertible foreign currency or guarantee from a bank of international repute
equivalent to 10 days’ projected drawings may be obtained from Exchange Houses.
In addition to the above, if there is a restriction on the bank’s right to
depute its own staff for examination of books of the Exchange House, as was in
case of Exchange Houses in Kuwait, additional cash deposit in any convertible
foreign currency / guarantee from a bank of international repute equivalent to
15 days’ estimated drawings may be obtained. The deposit should be in the name
of the AD Category-I bank with interest thereon at market related rates payable
to the Exchange House placing the deposits. The amount of deposit and guarantee
should be periodically reviewed and properly monitored by the AD Category-I
banks to ensure that the collateral adequately covers the drawings and account
for the pipeline debits evaluated.
3. Speed Remittance Procedure
(a) AD Category-I banks are permitted to enter into RDA under speed remittance
procedure wherein:
(i) The Exchange House sends payment instructions with complete details like
name, address, etc., via SWIFT or internet.
(ii) The Exchange House funds the Rupee account through the Nostro account of
the AD Category-I bank well in advance before issuing payment instructions.
(iii) On verification of data and availability of balances in the Vostro account
of the exchange house the AD Category-I bank issues drafts in favour of the
beneficiary or credits the account of the beneficiary.
(iv) The Exchange House shall address all payment instructions to the account
holding branch of the AD Category-I bank irrespective of the beneficiaries’
centre.
(v) The branch shall make no payment unless clear funds are available in the
account.
(vi) The AD Category-I bank shall obtain date-wise information regarding number
and aggregate value of such transfers from the Exchange House.
(vii) Where facility of speed remittance is extended to existing Rupee drawing
arrangements, the Exchange House shall open a separate Rupee account with the
prior approval of the Reserve Bank and no payment instructions shall be executed
unless there are clear funds available in this account. However, where the
operations in the existing Rupee drawing arrangements under DDA/ Non-DDA
procedure are satisfactory, AD Category-I banks can extend the facility of speed
remittance to the same Exchange House without prior approval of the Reserve
Bank, subject to usual terms and conditions and after obtaining all the
necessary documents from the Exchange House. However, the Reserve Bank should be
informed in the matter immediately.
(b) Collateral Cover for Speed Remittance Arrangement: For Exchange Houses,
which have not completed three years of operation, collateral cover in cash
deposit in any convertible foreign currency or guarantee from a bank of
international repute equivalent to 7 days’ projected drawings may be obtained.
For Exchange Houses, which have completed three years of successful operations,
no collateral is prescribed. Further, the Exchange House shall keep with the AD
Category-I bank an additional cash deposit in any convertible foreign currency
or guarantee from a bank of international repute equivalent to 1 day’s estimated
drawings. The deposit should be in the name of the AD Category-I bank with
interest thereon at market related rates payable to the Exchange House placing
the deposits. The amount of deposit and guarantee should be periodically
reviewed and properly monitored by the AD Category-I banks.
SECTION IV
Foreign Currency Drawing Arrangements
AD Category-I banks may enter into foreign currency drawing arrangements under
DDA or Non-DDA procedure with those Exchange Houses with whom they have Rupee
Drawing Arrangements (RDAs), with prior approval of the Reserve Bank, subject to
the following conditions. Each tie-up arrangement of an AD Cat-I bank with an
Exchange House under Foreign Currency Drawing Arrangements is required to be
approved by the Reserve Bank.
(a) Exchange Houses shall draw drafts in any convertible foreign currency on ‘A’
or ‘B’ category branches of AD Category-I bank. No ‘C’ category branch is
allowed to participate in the arrangement.
(b) The foreign currency drawing arrangement shall be kept distinct from the
Rupee drawing arrangement.
(c) A separate foreign currency vostro account of the Exchange House shall be
opened with the account maintaining branch. Payment of such drafts shall be made
by debit to this account maintained by the Exchange House and not to the Nostro
Account of the AD Category-I bank.
(d) The aggregate amount of drafts drawn in foreign currency by the Exchange
House on any day should be credited to the Nostro Account of the drawee bank
latest by close of business on the second working day.
(e) The account maintaining branch of the drawee AD Category-I bank should
credit foreign currency vostro account of the Exchange House on receipt of
confirmation regarding credit to their nostro account.
(f) AD Category-I banks should ensure that foreign currency accounts are funded
at all times.
(g) If the arrangement is under the Non-DDA procedure, the Exchange House should
communicate to the account maintaining branch by any electronic mode, the number
and aggregate value of drafts drawn in foreign currency before close of the
following working day. Under DDA procedure, such information may be obtained
frequently, at least on a bi-weekly basis.
(h) Collateral cover : Exchange Houses should keep a deposit of not less than
USD 50,000 with the drawee AD Category-I bank. Adequacy of quantum of deposit
kept with the bank should be reviewed every six months on the basis of
operations under this arrangement and if necessary the Exchange House should
increase the quantum of the deposit. AD Category-I banks should allow interest
on this deposit at an appropriate rate.
(i) AD Category-I banks are allowed to keep the amount of deposit required to be
kept under foreign currency draft drawing arrangements and Non-DDA procedure of
Rupee Drawing Arrangement in India with the Account maintaining branch.
SECTION V
Miscellaneous Provisions
- AD Category-I banks should adhere to the Know Your Customer (KYC)/ Anti Money
Laundering (AML) / Combating the Financing of Terrorism (CFT) Guidelines issued
by the Reserve Bank, while undertaking any transaction under Rupee/ Foreign
Currency Drawing Arrangements, as applicable.
- AD Category-I banks should include in their concurrent audit the Rupee/
Foreign Currency Drawing Arrangement to ensure that credit of funds to the vostro account of the Exchange House takes place before payments are made to the
beneficiaries.
- AD Category-I banks should undertake a ‘due diligence’ exercise in respect of
remittances received through Rupee/ Foreign Currency Drawing Arrangements so
that regulations relating to anti-money laundering standards are complied with
scrupulously. AD Category-I banks should call for an annual compliance report
from the Exchange Houses duly certified by their auditors that they are adhering
to the home country KYC/ AML/ CFT regulations.
- AD Category-I banks should keep the Reserve Bank informed of the unusual
feature(s) in the operations of the Rupee/ Foreign Currency Drawing Arrangement
by exercising constant vigil in the matter.
- AD Category-I banks shall ensure that licences of the Exchange Houses, which
have expired are renewed and copies of authenticated English versions placed
with them for their record.
- The Exchange Houses should not enter into any arrangement with service
providers for their back office operations in India such as issuance of drawing
advices and stop payment instructions on their behalf and AD Category-I banks
should not act on the instructions of such service providers. However, Exchange
Houses can establish liaison offices in India and back office operations in
India and activities such as printing of drafts, issuance of drawing advices and
stop payment instructions can be undertaken by the liaison offices in India with
the prior approval of the Reserve Bank.
- AD Category-I banks should obtain approval of the Reserve Bank for
maintaining accounts of Exchange Houses whose name and constitution, etc.,
undergo changes.
SECTION VI
Internal Control and Monitoring of Accounts
- AD Category-I banks should put in place adequate internal controls and a
system of monitoring of accounts as per the extant instructions. Dealings with
Exchange Houses should be strictly on credit basis at all times and no overdraft
should be granted to the account holders.
- Self-inspection of the vostro accounts of Exchange Houses : AD Category-I
banks are required to cause inspection of the vostro accounts of Exchange Houses
on a half-yearly basis through experienced officers. The inspection reports
should be carefully gone through by the competent authorities in AD Category-I
banks so that prompt corrective action is initiated. Observations thereon shall
be included in the annual review of the accounts submitted to the Board.
PART-B
Reports / Statements
- Statement A : This statement (as at Annex-II) is designed to elicit details
of operations in Rupee/ foreign currency vostro accounts of Exchange Houses and
has to be prepared every month Exchange House-wise. This statement should be
critically examined to ascertain whether funds held in the account are adequate
to cover estimated pipeline debits. The Top Managements of the ADs Category-I
may work out the pipeline data and set their own limits. The adherence to the
limits set should be informed to the Top Management on a quarterly basis.
- Statement B : This is a consolidated half-yearly statement (as at Annex-III)
showing position of Rupee/ foreign currency vostro accounts of Exchange Houses
which are to be closed/ are in the process of closure.
- Statement C : This is a monthly statement (as at Annex- IV) giving
information regarding Exchange House’s account held at overseas branches of
Indian banks under DDA/ Non-DDA procedures for holding collection proceeds and
additional collaterals.
- Statement D : This monthly statement (as at Annex- V) provides information
about operations in the foreign currency vostro account of the Exchange House.
Note - While statements A to D are not required to be submitted to the Reserve
Bank, ADs Category-I should prepare these statements and cause inspections at
the prescribed periodicities. The relative statements/ reports should invariably
be submitted to their respective Top Managements with suitable explanatory notes
indicating corrective measures taken/ being initiated wherever necessary.
- Statement E : This statement (as at Annex- VI) is designed to collect
statistical information on total remittances received every quarter and the
growth of business. This quarterly statement is required to be submitted to the
Chief General Manager in-charge, Reserve Bank of India, Foreign Exchange
Department, Central Office, Forex Markets Division, Mumbai- 400001 before 15th
of the succeeding month to which the quarter relates.
- Annual Review : AD Category-I banks should submit to the Chief General
Manager–in-Charge, Reserve Bank of India, Foreign Exchange Department, Central
Office, Forex Markets Division, Mumbai- 400001 by 30th June every year an annual
review note covering the period January 1 to December 31 of the previous year,
on the vostro accounts of the Exchange Houses maintained by them under the
Rupee/ Foreign Currency Drawing Arrangements (RDAs/ FcyDAs) duly approved by
their Board. The Review Note should cover various aspects like (a)
credit-worthiness of the Exchange House (based on financial statements and
market reports), (b) validity of licences of Exchange Houses and compliance of
home country KYC/ AML /CFT Guidelines by Exchange Houses (c) financial losses
suffered if any by the AD category –I bank on account of transactions, events,
disputes, etc., (d) business turnover separately under each arrangement, (e)
funding arrangements in respect of vostro accounts, (f) half-yearly inspection
of the account of the Exchange House, (g) supervision (system in vogue to
monitor operations in the account), (h) internal control and risk management
system, (i) overdrafts and interest collected. An extract of directions, if any
issued by the Board should be forwarded to the Reserve Bank along with the
Annual Review note. While submitting the annual review note, the particulars
such as (a) complete particulars of Drawing Arrangements (DDA/ Non-DDA / Speed
Remittance) that the AD Category-I banks have with Exchange Houses with the date
of approval by RBI and opening of the vostro accounts (b) dates of termination
of Drawing Arrangements, if any (including Drawing Arrangements which could not
be concluded), and (c) number of drawee branches under each arrangement should
be included.
Appendix
List of A.P.(DIR Series) Circulars which have been consolidated in the Master
Circular on Memorandum of Instructions governing money changing activities
1 A.P. (DIR Series) Circular No. 85 dated February 28, 2013
2 A.P. (DIR Series) Circular No. 85 dated February 28, 2013
3 A.P. (DIR Series) Circular No. 85 dated February 28, 2013
4 A.P. (DIR Series) Circular No. 85 dated February 28, 2013
5 A.P. (DIR Series) Circular No. 85 dated February 28, 2013
6 A.P. (DIR Series) Circular No. 85 dated February 28, 2013