Speed Remittance Procedure extended to FATF compliant exchange houses, permitting medical and hotel inward remittances through AD banks. Extension of the Rupee Drawing Arrangements under the Speed Remittance Procedure to Exchange Houses in all FATF compliant jurisdictions, allowing AD Category I banks to receive inward remittances through those Exchange Houses. Permitted transactions are amended to include payments to Indian medical institutions for treatment of NRIs/their dependents and nationals of FATF compliant countries, and payments to hotels by nationals of FATF compliant countries and NRIs. Other earlier instructions remain unchanged and banks must notify constituents; directions are issued under the foreign exchange statute without prejudice to other legal approvals.
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Speed Remittance Procedure extended to FATF compliant exchange houses, permitting medical and hotel inward remittances through AD banks.
Extension of the Rupee Drawing Arrangements under the Speed Remittance Procedure to Exchange Houses in all FATF compliant jurisdictions, allowing AD Category I banks to receive inward remittances through those Exchange Houses. Permitted transactions are amended to include payments to Indian medical institutions for treatment of NRIs/their dependents and nationals of FATF compliant countries, and payments to hotels by nationals of FATF compliant countries and NRIs. Other earlier instructions remain unchanged and banks must notify constituents; directions are issued under the foreign exchange statute without prejudice to other legal approvals.
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