Rupee Drawing Arrangement – ‘Direct to Account’ Facility

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..... 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. 2. In order to facilitate receipt of foreign inward remittances directly into bank accounts of the beneficiaries, it has been decided .....

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..... out KYC/CDD of the recipient before the remittance to such account is credited or allowed to be withdrawn. The Partner Bank (i.e. the AD Cat-I Bank receiving foreign inward remittance through non-resident exchange houses under RDA) shall appropriately mark the direct-to-account remittances to indicate to the Recipient Bank that it is a foreign inward remittance. The Partner Bank shall ensur .....

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..... f India from time to time shall be adhered to by the Partner Bank. The Recipient Bank may seek additional information from the Partner Bank and shall report suspicious transactions to the FIU-IND with details of the Partner Bank through which they received the remittances. 3. All other instructions issued vide A. P. (DIR Series) Circular No. 28 [A. P. (FL/RL Series) Circular No. 02] dated .....

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