AP (DIR Series) (2000-2001) Circular No. 25, dated 17-2-2001
Authorised
dealers’ funding of their ACU dollar accounts with commercial banks in
participating countries as well as for repatriation of excess liquidity on
‘Tom’ basis in addition to ‘Spot’ basis
In
terms of paragraph 12(ii) of Memorandum ACM, requests from authorised dealers
for funding of their ACU dollar accounts with commercial banks in participating
countries on ‘Spot’ basis are required to be made in Form ACU-1, in duplicate,
to the Department of External Investments and Operations (DEIO), Reserve Bank
of India, Mumbai.
2. It has
now been decided that requests from authorised dealers for funding their ACU
dollar accounts with commercial banks in participating countries as well as for
repatriation of the excess liquidity in the ACU dollar accounts of their
correspondent banks maintained with them, would be accepted in ACU 1 and ACU 2
format respectively, by DEIO, RBI, Mumbai on ‘Tom’ basis also, in addition to
‘Spot’ basis, with effect from March 1, 2001. Authorised Dealers desirous of
availing the facility of booking transactions on ‘Tom’ basis, should submit
their applications to DEIO, RBI, Mumbai before 3 p.m. a day prior to Value
Date.
3. Consequent
to the change mentioned above. Form ACU 1 may be replaced by the enclosed Slip.
4. The
directions contained in this circular have been issued under section 10(4) and
section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999). Any
contravention or non-observance of these directions is subject to the penalties
prescribed under the Act.