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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 .....

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inter-alia stipulated that the Exchange Houses shall keep with the AD Category - I bank a cash deposit in any convertible foreign currency equivalent to three days estimated drawings on which market related interest rate may be paid. The Exchange Ho .....

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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 .....

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nks are free to determine the collateral requirement, if any, based on factors, such as, whether the remittances are pre-funded, the track record of the Exchange House, whether the remittances are effected on gross (real-time) or net (file transfer) .....

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