4.7
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Payment of Rupee Value against Sale of Foreign currencies to Reserve Bank
The payment of the rupee value will be made by the concerned office of Reserve Bank (cf. paragraph 4.2) to the current account of the authorised dealer on the appropriate value date without waiting for the credit intimation from Reserve Banks overseas correspondent. If the foreign currency amount is not delivered to the overseas correspondent of Reserve Bank on the value date, interest will be charged at the Reserve Bank Rate on the rupee value credited to the account of the authorised dealer for the number of days of default. In order that the overdue interest may be recovered in such cases automatically by debit to their account with the concerned office of Reserve Bank, authorised dealers should lodge a suitable standing authority with Reserve Bank. Cases of undue delay will attract penalties, apart from overdue interest.