ACU - Funding of Nostro Account on ‘TOM’ basis
AP (DIR Series) (2001-2002) Circular No. 42, dated 30-4-2002
Attention
of authorised dealers is invited to A.P. (DIR Series) Circular No. 25 dated
February 17, 2001 in terms of which, authorised dealers desirous of availing
the facility of booking transactions in their ACU Dollar Accounts on ‘Tom’
basis are required to submit their applications to Department of External
Investments and Operations, Reserve Bank of India, Mumbai before 3 p.m. a day
prior to Value Date.
2. In view
of suggestions received from some of the authorised dealers, it has now been
decided that authorised dealers desirous of availing the facility of booking
ACU transactions on ‘Tom’ basis may submit their applications to Department of
External Investments and Operations, Central Office, Reserve Bank of India,
Mumbai up to 4 p.m. a day prior to the Value Date.
3. 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).