| Date: |
16-12-2014
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| Notification No: |
RBI/2014-15/358 A.P.(DIR Series) Circular No.50
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| Issuing Authority: |
RBI
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| Type: |
A.P.D.(Series) Circulars
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| File No: |
RBI/2014-15/358 |
| Subject: |
Rupee Drawing Arrangement – Delegation of work to Regional Offices-Submission of Statements / Returns
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RBI/2014-15/358
A.P.(DIR Series) Circular No. 50
December 16, 2014
To
All Authorised Dealer Category - I Banks
Madam/ Sir,
Rupee Drawing Arrangement – Delegation of work to Regional
Offices-Submission of Statements / Returns
Attention of Authorised Dealer Category – I (AD Cat – I) banks is invited to
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.
- In continuation to
A.P. (DIR Series) Circular No. 7 dated July 18,
2014, it is clarified that subsequent to delegation of Rupee Drawing
Arrangement (RDA) work, Authorised Dealer Category I banks are required to
make all their correspondence with Reserve Bank including submission of
prescribed statements to the Regional Office of the Foreign Exchange
Department of the Reserve Bank, under whose jurisdiction their registered
offices function. It has been observed that several Authorised Dealer
Category I banks continue to submit the correspondence / statements to the
Central Office, causing avoidable delays in scrutiny / processing. Thus,
Authorised Dealer Category I banks are advised to note the instructions
regarding correspondence and submission of statements to the concerned
Regional Office, as mentioned above.
- 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 Category-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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