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Opening and Maintenance of Rupee / Foreign Currency Vostro Accounts of Non-Resident Exchange Houses Rupee Drawing Arrangement

FEMA - 66 - Dated:- 28-4-2016 - RBI/2015-16/386 A.P. (DIR Series) Circular No.66 April 28, 2016 To, All Authorised Dealer Category-I Banks Madam / Sir, Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to paragraph (C) 3 vii of the A. P. (DIR Series) Circular No. 28 [A. P. (FL/RL Series) Circular No. 02] dated February 06, 2008 and paragraph No. 3(h) and 5C of Master Direction No.2 dated January 1, 2016 on regarding collateral cover under Speed Remittance Procedure which .....

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s) Circular No. 16 [A. P. (FL/RL Series) Circular No. 3] dated November 27, 2009 and the collateral requirement was brought down to one day s estimated drawings. 2. To further streamline the remittance arrangement under the Speed Remittance Procedure and make remittances cost-effective, it has now been decided to do away with the mandated requirement of maintenance of collateral or cash deposits by the Exchange Houses with whom the banks have entered into the Rupee Drawing Arrangement. The AD ba .....

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