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

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..... 16 A. P. (FL/RL Series) Circular No. 3 November 27, 2009 To All Authorised Dealer Category - I Banks Madam / Sir, Memorandum of Instructions for Opening and Maintenance of  Rupee/Foreign Currency Vostro  Accounts of Non-resident Exchange Houses Attention of Authorised Dealer Category - I (AD Category - I) banks is invited to the Memorandum of Instructions for Openi....

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....sued under Section 10(4) and Section 11(1) of the Foreign Exchange management Act, 1999 (42 of 1999) and without prejudice to permissions/ approvals, if any, required under any other law. Yours faithfully, (Salim Gangadharan) Chief General Manager-in-Charge Paragraph No. [cf. A.P.(DIR Series) Circular No. 28 [A.P. (FL/RL Series) Circular No. 02] dated February 6, 2008 Existing Instr....

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....emain unchanged. Instructions on Collateral Cover after paragraph (C). 1. xvi. Collateral Cover : For Exchange Houses which have not completed three years of operation, collateral cover in cash deposit or guarantee from a bank of international repute equivalent to one month's projected drawings may be obtained for DDA/ Non-DDA/ Speed Remittance arrangements. For Exchange Houses which ha....

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....iring adequate collateral cover.  Cash deposit or a guarantee from a bank of international repute equivalent to 15 days' estimated drawings may be obtained as collateral cover where it is not possible to appoint auditors as    mentioned at 1(vii). Necessary changes in point 6 of Part C of Annex-II to the A.P.(DIR Series) Circular No. 28 [A.P. (FL/RL Series) Circular No. 02] da....