Circulars/Notifications - Exchange Policy Department  
 F.E. Circular No. 59
June 24, 1992 

All Authorized Dealers in
Foreign Exchange
Investment Banks, DFIs
Authorized to accept
Foreign Currency deposits,

Dear Sirs,

FOREIGN CURRENCY DEPOSITS

Attention of Authorized Dealers is invited to F.E. Circular No.54 dated the 7th June, 1992 on the subject noted above.

2. Queries are being received whether fee is payable on the amounts of foreign currency deposits only or also on the amounts of interest. It is clarified that the fee @ 3 % will be payable on the full amount of forward cover obtained not with standing whether it is in respect of the amount of deposit or for both the amount of principal and interest.

3. It is also clarified that the prescribed fee will be charged in respect of the existing deposits at the time of renewal of the forward covers. However, in cases of the deposits brought up to 30th June, 1992 for longer tenures at the fixed interest rate, no fee will be charged for the entire tenure of the deposit.

       
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