ap (dir series) (2003-04) Circular No. 78, dated 13-3-2004
Attention of Authorised Dealers is invited to
Annexure V to A.D. (M.A. Series) Circular No.11 dated May 16, 2000. It is
indicated thereat that pending issue of further directions, Authorised Dealers
are to be guided by the provisions of para 3A.5 of the Exchange Control Manual
regarding Foreign Inward Remittance Payment System (FIRPS).
2. The relevance of the FIRP
system has been reviewed in consultation with FEDAI and it has been decided to
withdraw the FIRPS instrument as it is no longer used by banks in the wake of
electronic credits and online transfer of funds.
3. Authorised Dealers may
bring the contents of this circular to the notice of their constituents
concerned.
4. The directions contained
in this circular have been issued under sections 10(4) and 11(1) of the Foreign
Exchange Management Act, 1999 (42 of 1999).