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February 2014

A. P. (DIR Series) Circular No. 88 dated 9th January, 2014

By Gaurang Gandhi, Chartered Accountant

Reading Time 1 mins

Memorandum of Instructions for Opening and Maintenance of Rupee/Foreign Currency Vostro Accounts of Non-resident Exchange Houses

This circular has expanded the scope of the Rupee Drawing Arrangements (RDA) by including the following items under the list of Permitted Transactions: –

1. Payments to utility service providers in India, for services such as water supply, electricity supply, telephone (except for mobile top-ups), internet, television etc.

2. Tax payments in India.

3. EMI payments in India to Banks and Non- Banking Financial Companies (NBFCs) for repayment of loans.

The detailed list under Part (B) of Annex-I is annexed to the circular.

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February 2014

A. P. (DIR Series) Circular No. 88 dated 9th January, 2014

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February 2014

A. P. (DIR Series) Circular No. 88 dated 9th January, 2014

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A. P. (DIR Series) Circular No. 87 dated 9th January, 2014

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