4.1
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
General
(i) Authorised dealers have recourse to Reserve Bank to sell/buy U.S. dollars to the extent the latter is prepared to transact in the currency at a given point of time.
(ii) Reserve Bank will buy/sell only U.S. dollar. It will not ordinarily buy/sell any other currency from/to authorised dealers.
(iii) Reserve Bank will quote its spot buying rate for US dollar to any authorised dealer who makes a specific request to Reserve Bank Dealing Room in the Department of External Investments & Operations (DEIO), Central Office, Mumbai. The rate quoted by the Dealing Room will hold good only for the specific transaction and is subject to change unless deal is concluded immediately.
NOTE: Funding of or absorbing excess liquidity in ACU dollar account is arranged by Reserve Bank in accordance with the procedure laid down in Memorandum ACM.