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of <h1>RBI Updates Nominated Banks List for Export Transactions Under Soviet State Credits; Adds Three Indian Banks.</h1> The Reserve Bank of India has issued a circular to all authorized dealers in foreign exchange regarding the export of goods and services against the repayment of State Credits granted by the former Soviet Union. The circular updates the list of nominated banks in India handling these transactions by adding Oriental Bank of Commerce, State Bank of Patiala, and Bank of Punjab Ltd. Dealers are instructed to inform their relevant clients of these changes. The circular is issued under the Foreign Exchange Management Act, 1999, and non-compliance may result in penalties as per the Act.
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