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August 2014

A. P. (DIR Series) Circular No. 7 dated 18th July, 2014

By Gaurang Gandhi Chartered Accountant
Reading Time 1 mins
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Rupee Drawing Arrangement – Delegation of work to Regional Offices

This circular has amended the guidelines with respect to Opening and Maintenance of Rupee/Foreign Currency Vostro Accounts of Non-resident Exchange Houses as under: –

1. Banks entering into Rupee/Foreign Currency Drawing Arrangements with Exchange Houses for the first time now have to submit the application, in the prescribed format, to the respective Regional Office of the Foreign Exchange Department of the RBI under whose jurisdiction their registered office falls.

2. Banks now have to submit the Annual Review note, by 30th June every year, to the respective Regional Office of the Foreign Exchange Department of RBI under whose jurisdiction their registered office falls.

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