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RBI/2008-09/276 dated 10.11.2008



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

 

CA. Shikha
on 11 November 2008
Published in Others
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