Master Circular on Memorandum of Instructions for Opening and Maintenance of Rupee/ Foreign Currency Vostro Accounts of Non-resident Exchange Houses (As updated on May 20, 2015)
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Rupee Drawing Arrangements: rules for opening and operating non resident Exchange House vostro accounts with strict KYC and reporting. The Circular establishes rules for opening, funding, operation and oversight of Rupee and foreign currency vostro accounts of non resident Exchange Houses under Rupee Drawing Arrangements and Foreign Currency Drawing Arrangements. It prescribes permitted inbound remittance uses, credit only account operations, separate accounts per arrangement, three operational procedures (DDA, Non DDA, Speed Remittance) with corresponding audit/inspection and collateral regimes, strict KYC/AML/CFT compliance, periodic internal and external reviews, and specified reporting and Board approval requirements to the Reserve Bank.
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.
Rupee Drawing Arrangements: rules for opening and operating non resident Exchange House vostro accounts with strict KYC and reporting.
The Circular establishes rules for opening, funding, operation and oversight of Rupee and foreign currency vostro accounts of non resident Exchange Houses under Rupee Drawing Arrangements and Foreign Currency Drawing Arrangements. It prescribes permitted inbound remittance uses, credit only account operations, separate accounts per arrangement, three operational procedures (DDA, Non DDA, Speed Remittance) with corresponding audit/inspection and collateral regimes, strict KYC/AML/CFT compliance, periodic internal and external reviews, and specified reporting and Board approval requirements to the Reserve Bank.
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