| Date: |
01-03-2002
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| Notification No: |
RBI A P D (Series)Circular No 25/2002
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| Issuing Authority: |
RBI
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| Type: |
A.P.D.(Series) Circulars
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| File No: |
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| Subject: |
Setting up of Chairs in Educational Institutions Outside India
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Setting up of Chairs in Educational Institutions Outside India
A.P. (DIR Series) Circular No. 25 dated
1st March 2002
We have been receiving requests from
Indian Corporates to donate funds from their foreign exchange earnings to worthy
causes like setting up of chairs in educational institutions and other welfare
activities. It has been decided to allow Indian Corporates with proven track
record to contribute funds from their foreign exchange earnings for setting up
chairs in educational institutions outside India and similar such purposes. Such
cases will be considered by Reserve Bank on case-to-case basis. Authorised
dealers may forward all such applications to the Chief General Manager, Reserve
Bank of India, Central Office, Exchange Control Department, External Payments
Division, Central Office Building, Mumbai-400 001, together with (a) details of
their foreign exchange earning during the last 3 years, (b) brief background of
the company�s activities, and (c) details of the chair proposed to be set up
in the educational institution (d) likely benefits to the corporate.
2. Authorised dealers
may bring the contents of this circular to the notice of their constituents
concerned.
3. 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).
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