3B.7
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Recurring Remittances
Wherever regular periodic remittances have to be made for purposes which are not covered by authorised dealers authority, Reserve Bank issues in approved cases permits for recurring remittances on account of family maintenance, savings, maintenance of offices abroad, etc. authorising such remittances. These permits will, inter alia, indicate name of applicant, name of beneficiary abroad, amount authorised to be remitted each time, intervals at which it may be remitted, period for which remittances may be continued and name of authorised dealer through whom remittances can be made. Authorised dealers may make remittances in accordance with the terms of such permits after getting applications on form A2 completed for each such remittance by the applicant (or on his behalf). Purpose of remittance and full particulars of Reserve Bank permit should be clearly stated in the applications. Such applications should be attested and submitted to Reserve Bank with relevant R Returns in the same manner as in respect of other remittances. Each remittance effected should be recorded on the reverse of the permit against stamp and signature of authorised dealer and the permit retained with authorised dealer. Permit may be returned to remitter if required by him on bona fide grounds. Permit against which the last remittance has been made should not be returned to applicant but attached to the remittance application covering the last remittance and surrendered to Reserve Bank with the relative R Return.