3D.4
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Encashment Certificates
Authorised dealers and their exchange bureaux should issue encashment certificates in form ECF in all cases of purchase from the public, irrespective of whether CDF has been submitted or not by the tenderer of foreign exchange and whether the tenderer asks for the certificate or not. These certificates should be issued on security paper if the foreign currency encashed exceeds Rs.15,000/- in value and in other cases on letter-head of the authorised dealer (with their Logo printed on it). Certificates should be serially numbered. Duplicate copies of all such certificates should be preserved in book form for production to Reserve Bank as and when required.
NOTE: The certificate should invariably be issued on the date of purchase of the foreign currency and should be made valid for three months for the purpose of reconversion of the unspent balance, if any, into foreign exchange (see paragraph 3E8). The validity period of the certificate for the purpose of reconversion should be prominently indicated at the top right hand corner of each certificate.