13B.20
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Temporary Overdrawings
Authorised dealers may allow temporary overdrawings in NRE Savings Bank accounts, up to a limit of Rs.20,000 subject to the condition that the overdrawings together with the interest payable thereon are cleared/repaid within a period of two weeks, either by fresh remittance in foreign exchange from abroad through normal banking channel or out of transfer of funds held in other NRE/FCNR accounts. However, authorised dealers may exercise their own descretion/commercial judgement while allowing overdraft under this provision.