Rupee Drawing Arrangement – Delegation of work to Regional Offices

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..... banks is invited to the 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. As per para (a) of Annex-II of the above mentioned circular, the application for obtaining first time appro .....

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..... f the Reserve Bank under whose jurisdiction the registered office of the applicant falls. Subsequently, AD Cat-I Banks may enter into RDAs, subject to the prescribed guidelines and inform the concerned Regional Office of the Reserve Bank, immediately. 3. As per clause (vii) of para (G) Reports/ Statements of Annex-I of the above mentioned circular, AD Cat-I Banks are required to submit to t .....

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..... 2008 , as amended from time to time, will remain unchanged. 5. AD Cat-I Banks may bring the contents of this circular to the notice of their constituents concerned. 6. 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) and are without prejudice to permissions / approvals, if any, req .....

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