5A.3
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Implications of Rupee Credits/Debits to Accounts of Non-Resident Banks
(i) Credit to the accounts is a permitted method of payment to non-residents and is, therefore, subject to the regulations applicable to transfers in foreign currency.
(ii) Debit to the accounts is in effect an inward remittance in foreign currency.
NOTES: A. In the case of individual payments of Rupees one lakh or more, the purpose of remittance should be reported in the statement annexed to R Return.
B. Banks may issue encashment certificates in accordance with the procedure laid down in paragraph 3A.6