RBI/2008-09/276
A.P. (DIR Series) Circular No.34
November 10, 2008
To
All Category - I Authorised Dealer Banks and Authorised Banks
Madam / Sir,
Foreign Exchange Management (Deposit) Regulations, 2000
Credit to Non Resident (External) Rupee Accounts - Clarification
Attention of Authorised Dealer Category - I (AD Category-I) banks and Authorised
Banks is invited to A.P.(DIR Series) Circular No.45 dated May 30, 2008 on the
captioned subject. In this connection, it is clarified that AD Category-I banks and
authorised banks may credit proceeds of account payee cheques also in addition to
demand drafts / bankers' cheques, issued against encashment of foreign currency to
the NRE account of the NRI account holder where the instruments issued to the NRE
account holder are supported by encashment certificate issued by AD Category-I /
Category-II.
2. AD Category-I banks and authorised banks may bring the contents of this circular to
the notice of their constituents concerned.
3. The directions contained in this circular have been issued under Section 10(4) and
11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without
prejudice to permissions / approvals, if any, required under any other law.
Yours faithfully,
Salim Gangadharan
Chief General Manager-in-Charge
CAclubindia
