All
Authorized Dealers
In Foreign Exchange,
Dear
Sirs,
Foreign Currency
Accounts Scheme
Attention
of Authorised Dealers is invited to F.E. Circular No. 45
dated the 11th August, 1985, in terms of which they have
been allowed to accept foreign currency term deposits under
the Foreign Currency Accounts Scheme from banks operating
abroad and financial institutions etc. owned by them subject
to the condition that the amount of such deposit is not
less than U S.$ 10 million or equivalent thereof in other
currencies and the period of maturity thereof is not less
than one year,
2. It has now been decided to reduce
the monetary limit from US$ 10 million to US$ 5 million
or equivalent thereof in other currencies. Other terms
and conditions however, will remain unchanged.
3. Please bring the above to the notice
of your constituents.