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        FEMA

        Memorandum of Instructions for Opening and Maintenance of Rupee/Foreign Currency Vostro Accounts of Non-resident Exchange Houses

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        Permitted transactions for Vostro accounts now include specified medical and hotel payments by certain non-resident nationals. Two items in Part (B) of Annex I to the A.P. (DIR Series) Circular No. 28 are modified: Vostro accounts may be used for payments to Indian medical institutions and hospitals for treatment of NRIs/their dependents and nationals of Gulf countries, Hong Kong, Singapore and Malaysia; and for payments to hotels by nationals of those jurisdictions and by NRIs for their stay. All other instructions in the referenced circular remain unchanged, and AD Category I banks must inform their constituents. Directions are issued under the Foreign Exchange Management Act, 1999.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Permitted transactions for Vostro accounts now include specified medical and hotel payments by certain non-resident nationals.

                                Two items in Part (B) of Annex I to the A.P. (DIR Series) Circular No. 28 are modified: Vostro accounts may be used for payments to Indian medical institutions and hospitals for treatment of NRIs/their dependents and nationals of Gulf countries, Hong Kong, Singapore and Malaysia; and for payments to hotels by nationals of those jurisdictions and by NRIs for their stay. All other instructions in the referenced circular remain unchanged, and AD Category I banks must inform their constituents. Directions are issued under the Foreign Exchange Management Act, 1999.


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