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

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..... Series) Circular No. 02 December 02, 2008 To, All Authorized 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 Authorized Dealer Category - I (AD Category-I) banks is invited to the Memorandum of Instructions for Opening and Maintenance of Rupee / fore .....

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..... to the abovementioned circular, under Non-DDA procedure, the Exchange House shall keep a cash deposit of USD equivalent to 15 days drawings on moving average basis in India or abroad. The Exchange House shall also furnish bank guarantee from an international bank of repute for an equivalent amount. In view of the reduction in time lag between issuance of drafts and payment to the beneficiaries, .....

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