UCBs - collection of foreign currency denominated cheques

UCBs - collection of foreign currency denominated cheques

RBI/2009-10/438
UBD. BPD. (PCB). Cir. No.3/16.26.000/2009-10

April 30, 2010

The Chief Executive Officers of
All AD I and AD II UCBs

Dear Sir

Collection of foreign currency denominated cheques

Please refer to our circular UBD. (PCB). Cir. No. 33/16.26.00/2008-09 dated January 14, 2009 advising the steps to be taken for providing a customer friendly arrangement for collection of US Dollar denominated cheques.

2. On a review of the action taken by banks, improvements in customer service have been observed. It has now been decided that the contents of the circular may be mutatis mutandis extended to include collection of cheques denominated in other foreign currencies as well.

3. Kindly acknowledge receipt of this circular and keep our Regional Offices informed of the action initiated in this regard.

Yours faithfully,

(A. Udgata)
Chief General Manager