TaxTMI 
TaxTMI 
TaxTMI 
Memorandum of Instructions for Opening and Maintenance of Rupee/Foreign Currency Vostro Accounts of Non-resident Exchange Houses
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....vember 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 Opening and Maintenance of Rupee / Foreign Currency Vostro Accounts of Non-r....
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.... 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 Instructions Revised Instructions (A). 3. ii. The arrangement which an AD Category - I....
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.... : 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 have completed three years of successful operations, no collateral is prescribed. However, AD Category - I b....
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....ted 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] dated February 6, 2008 may be made. Instructions on Collateral Cover after paragraph (C). 3. vii. Collateral Cover : The Exchange House shall keep with....