All Authorised Dealers
in Foreign Exchange,

Dear Sirs,

BACK-T0-BACK REMITTANCES

It has been decided to withdraw, till further orders, the facility of back-to-back remittance and release of foreign currency against surrender of an equivalent amount of foreign currency. Accordingly, paragraph 19 of Chapter XVI and paragraph 41 of Chapter XVII of the Foreign Exchange Manual, as amended from time to time, are deleted. Authorised Dealers are requested to ensure strict compliance of these instructions.