RBI/2011-12/160
A.P. (DIR Series) Circular No.09
A.P.(FL/RL Series) Circular No.01
August 29, 2011
To
All Authorised Dealer Category-I Banks
Madam / Sir,
Opening and Maintenance of Rupee / Foreign
Currency Vostro Accounts of Non-resident Exchange Houses
Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to
the A.P.(DIR Series)
No.28 [A.P(FL/RL Series) Circular No.02] dated February 06,
2008 on the Memorandum of instructions for Opening and Maintenance of Rupee/
Foreign Currency Vostro accounts of Non-resident Exchange Houses and the
subsequent amendments thereto.
- In terms of para (A) (1) of Annex-I of the afore-mentioned circular,
under the Rupee Drawing Arrangements (RDAs), inward remittances for
permissible purposes are received in India through Exchange Houses situated
in Gulf countries, Hong Kong and Singapore, with prior approval of the
Reserve Bank. With a view to extending the scope of the said Arrangement to
other jurisdictions, it has been decided to extend the Rupee Drawing
Arrangements (RDAs) only under the Speed Remittance procedures to Exchange
Houses situated in Malaysia.
- The other instructions issued vide the above mentioned circular, as
amended from time to time 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 sections
10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of
1999) and are without prejudice to permissions / approvals, if any, required
under any other law.
Yours faithfully,
Dr.(Smt.) Sujatha Elizabeth Prasad
Chief General Manager-in-Charge