All
Authorised Dealers
in Foreign Exchange,
Dear
Sirs,
IMPORT
AND EXPORT OF FOREIGN CURRENCY
NOTES BY AUTHORIZED DEALERS
Attention
is invited to paragraph
5 Chapter
XI of Foreign Exchange Manual (6th Edition,
1987) in terms of which Authorized Dealers are required
to obtain prior permission of the State Bank for import
of foreign currency notes from overseas branches and correspondents
in order to replenish their stock of foreign currency notes.
Similarly, permission of the State Bank is also necessary
for disposing of surplus foreign currency notes to agents
or correspondents abroad as laid down in paragraph 8 ibid.
2.
It has now been decided to give general permission to the
Authorized Dealers for import and export of foreign currency
notes and coins either to replenish their stock of foreign
currency notes or to dispose of surplus holding of foreign
currency notes without prior approval of the State Bank.
3.
Consequently paragraphs 5
and 8
Chapter
XI of Foreign Exchange Manual (6th Edition,
1987) may be substituted as under:-
Authorized
Dealers may replenish freely their stocks of foreign currency
notes for meeting the requirements of their customers
either by purchasing them from other Authorized Dealers
or by importing them from their overseas branches and
correspondents.
When
Authorized Dealers are unable to dispose of their holdings
of foreign currency notes and coins by sale to the public
or other Authorized Dealers, they may dispatch such surpluses
to their agents or correspondents abroad for crediting
their value to their foreign currency accounts.