All
Authorized Dealers
In Foreign Exchange,
Dear
Sirs,
FOREIGN
EXCHANGE MANUAL – AMENDMENT
The
following amendments are made in Chapter
V of the Foreign Exchange Manual:-
1.
Paragraph 2.
The
existing paragraph 2 is substituted with the following:
"Authorized
Dealers are permitted to open and maintain accounts in
all fully convertible currencies with their branches and
correspondents abroad, subject to the condition that opening
of every new account should be reported to the Director,
Foreign Exchange Department by a letter giving the name
and address of the foreign branch or correspondent with
whom the account has been opened and the currency of the
an account."
Sub-para
(ii) is deleted and the following sentence is added at
the end of the existing sub-paragraph (i):
"Authorized
Dealers should maintain square or near square exchange
position." Consequently para 4 (i) may be renumbered
as 4.