| Date: |
18-07-2014
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| Notification No: |
RBI/2014-15/134 A. P. (DIR Series) Circular No. 7
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| Issuing Authority: |
RBI
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| Type: |
A.P.D.(Series) Circulars
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| File No: |
RBI/2014-15/134 |
| Subject: |
Rupee Drawing Arrangement – Delegation of work to Regional Offices
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RBI/2014-15/134
A. P. (DIR Series) Circular No. 7
July 18, 2014
To,
All Authorised Dealer Category - I Banks
Dear Sir/ Madam,
Rupee Drawing Arrangement – Delegation of work to Regional Offices
Attention of Authorised Dealer Category – I (AD Cat – I) banks is
invited to the
A.P. (DIR Series) Circular No. 28 [A. P. (FL/RL Series) Circular
No. 02] dated February 6, 2008 on Memorandum of Instructions for Opening and
Maintenance of Rupee / Foreign Currency Vostro Accounts of Non-resident Exchange
Houses, as amended from time to time.
- As per para (a) of Annex-II of the above mentioned circular, the
application for obtaining first time approval to enter into Rupee / Foreign
Currency Drawing Arrangements with Exchange Houses needs to be submitted by the
AD Cat-I Bank, in the prescribed format, to the Chief General Manager-In-Charge,
Foreign Exchange Department, Forex Markets Division, Reserve Bank of India,
Central Office, Mumbai - 400001. It has now been decided to delegate the work of
granting first time permission to AD Cat-I Banks for entering into Rupee Drawing
Arrangement (RDA) with non-resident exchange house to the Regional Offices of
the Reserve Bank. Therefore, AD Cat-I Banks willing to enter into Rupee/ Foreign
Currency Drawing Arrangement with non-resident exchange house for the first time
should submit the application, in the prescribed format, to the respective
Regional Office of the Foreign Exchange Department of the Reserve Bank under
whose jurisdiction the registered office of the applicant falls. Subsequently,
AD Cat-I Banks may enter into RDAs, subject to the prescribed guidelines and
inform the concerned Regional Office of the Reserve Bank, immediately.
- As per clause (vii) of para (G) – ‘Reports/ Statements’ of Annex-I of the
above mentioned circular, AD Cat-I Banks are required to submit to the Chief
General Manager, 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), duly approved by their
Board. Henceforth, AD Cat-I Banks should submit the duly approved Annual Review
note by 30th June every year, to the respective Regional Office of the Foreign
Exchange Department of the Reserve Bank under whose jurisdiction the registered
office of the applicant falls.
- All other instructions issued vide
A.P. (DIR Series) Circular No. 28 [A. P.
(FL/RL Series) Circular No. 02] dated February 6, 2008, as amended from time to
time, will remain unchanged.
- AD Cat-I Banks may bring the contents of this circular to the notice of their
constituents concerned.
- 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) and are without prejudice to permissions / approvals, if any, required
under any other law.
Yours faithfully,
(B. P. Kanungo)
Principal Chief General Manager
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