11B.3
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Authorised Dealers Responsibilities regarding QA 22 Accounts
(i) Authorised dealers should exercise caution and report to Reserve Bank any transactions which may appear to represent reimbursement in rupees against foreign exchange made available to any person in India other than an authorised dealer. Any other transactions where authorised dealer has reason to believe that they relate to an activity of the account holder requiring Reserve Banks approval but not approved by Reserve Bank, should also be reported.
(ii) Where foreign companies/foreign nationals have given an undertaking not to seek remittance facilities out of any income earned in India or where a condition has been imposed to that effect by Reserve Bank while granting approval, (this may be ascertained by calling for perusal the letter of approval granted by Reserve Bank at the time of opening of the account), a prominent note of this fact should be taken in the ledger folio, etc. so that no remittance facilities are extended to such account holders.