Master Circular on Memorandum of Instructions
This circular outlines the guidelines for opening and maintaining Rupee/Foreign Currency Vostro accounts of non-resident exchange houses.
Key Prohibitions:
The accounts should not be used for:
- Cross-border outward remittances from India
- Donations/contributions to charitable institutions
- Cash disbursement of remittances received under Rupee/Foreign Currency Drawing Arrangements
Permitted Transactions:
The circular outlines the permitted transactions and procedures for Rupee Drawing Arrangement, including collateral coverage.
General Instructions:
The circular provides general instructions for the operation of Rupee/Foreign Currency Vostro accounts, including the requirement for authorized dealers to ensure compliance with the instructions.
Chat with the Master Circular: