Rupee Drawing Arrangements regulate non-resident exchange house vostro accounts, requiring approvals, funding, strict controls and reporting. Rupee Drawing Arrangements require AD Category I banks to obtain Reserve Bank approval for initial tie ups and to inform the Reserve Bank of subsequent arrangements; accounts must be separately maintained, operate on a credit basis without overdrafts, be funded by sale of permitted foreign currency, and used only for specified inward personal remittances and permitted payments. Arrangements may follow DDA, Non DDA or Speed Remittance procedures with prescribed auditor/inspection regimes, lien and collateral requirements based on exchange house vintage, and strict KYC/AML/CFT, internal control, reporting and audit obligations.
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Provisions expressly mentioned in the judgment/order text.
Rupee Drawing Arrangements regulate non-resident exchange house vostro accounts, requiring approvals, funding, strict controls and reporting.
Rupee Drawing Arrangements require AD Category I banks to obtain Reserve Bank approval for initial tie ups and to inform the Reserve Bank of subsequent arrangements; accounts must be separately maintained, operate on a credit basis without overdrafts, be funded by sale of permitted foreign currency, and used only for specified inward personal remittances and permitted payments. Arrangements may follow DDA, Non DDA or Speed Remittance procedures with prescribed auditor/inspection regimes, lien and collateral requirements based on exchange house vintage, and strict KYC/AML/CFT, internal control, reporting and audit obligations.
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