Circular No. EC.
CO. FMD. NO. 1/18.07.01/2002-03, Dated 29-7-2002, issued by RBI
Remittance towards Settlement of Travellers’ Cheques sold by Full Fledged Money Changers
It has come to
our notice that some Authorised Dealers have been affecting remittances in
settlement of Travellers’ Cheques (TCs) sold by Full Fledged Money Changers
(FFMCs), to entities other than the TC issuing organizations.
2. Authorised Dealers may note that
remittances in settlement of TCs sold in India are required to be made only to
the TC issuing organizations or the accredited agents of the TC issuing
organization.
3. Non-compliance of the directions
contained in this circular shall attract penalties prescribed under section
11(1) of the Foreign Exchange Management Act, 1999.
Circular No. EC.Co. FMD/2/02.03.75/2002-03, dated
31-7-2002, issued by RBI
Attention of
Authorised Dealers is invited to our Circular No.
EC.CO.FMD.790/02.03.75/2001-02, dated 26th March, 2002 on the captioned
subject.
2. With reference to para 2 of the above circular it is
clarified as under:
i. The facility of
cancellation and rebooking of forward contracts should be allowed only after
fixing the limit for each corporate as per Annexure I.
ii. Banks should collect
the information relating to unhedged exposures required to be submitted to us
as detailed in Annexure II, from all customers on an annual basis (April to
March) to start with. While unhedged exposures relating to import transactions falling
due within a year would be a projected figure based on the past performance of
the corporate, non-trade payments and receipts would be on actual basis.
iii. Exposures of individual
Corporates may be shown separately as an enclosure to the statement being
forwarded to the Reserve Bank.
3. In view of the clarification sought for by banks, the
time-limit for submission of the above information for the current financial
year has been extended upto 31st August, 2002.