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

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..... Foreign Currency Vostro Accounts of Non-resident Exchange Houses Attention of Authorised Dealer Category I (AD Category I) banks is invited to the A.P. (DIR Series) Circular No. 28 [A. P. (FL/RL Series) Circular No. 02] dated February 6, 2008 and the Annex to the A.P. (DIR Series) Circular No 88 dated January 9, 2014 on the captioned subject, as amended from time to time. 2. It has .....

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..... Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law. Yours faithfully, (B. P. Kanungo) Principal Chief General Manager Annex Earlier guidelines under Part (B) Permitted Transactions of Annex to A.P.(DIR Series) Circular No.88 .....

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..... res. 5. Payment to Coop. Housing Societies, Govt. Housing Schemes or Estate Developers for acquisition of residential flats in India in individual names subject to compliance of regulations thereof by the Non-resident Indians. 6. Payments of tuition/ boarding, examination fee etc. to schools, colleges and other educational institutions. 7. Payments to medical institutions and hos .....

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..... nal) Rupee accounts maintained by Non-resident Indians in Indian Rupees. 2. Payments to families of Non-resident Indians. 3. Payments in favour of Insurance companies, Mutual Funds and the Post Master for premia / investments. 4. Payments in favour of bankers for investments in shares, debentures. 5. Payment to Coop. Housing Societies, Govt. Housing Schemes or Estate Develo .....

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..... uch as water supply, electricity supply, telephone (except for mobile top-ups), internet, television etc. 12. Tax payments in India 13. EMI payments in India to Banks and Non-Banking Financial Companies (NBFCs) for repayment of loans. 14. Remittances to the Prime Minister s National Relief Fund subject to the condition that the remittances are directly credited to the Fund by the .....

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