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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>RBI Withdraws FIRPS Instrument Citing Obsolescence; Electronic Transfers Preferred Under FEMA Sections 10(4) and 11(1.</h1> The Foreign Inward Remittance Payment System (FIRPS) instrument has been withdrawn as per the circular issued on March 13, 2004, by the Reserve Bank. This decision, made in consultation with the Foreign Exchange Dealers' Association of India (FEDAI), reflects the system's obsolescence due to the advent of electronic credits and online fund transfers. Authorized Dealers in foreign exchange are instructed to inform their relevant constituents about this change. The circular's directives are issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999.
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