Attention of Exchange Companies is invited towards EPD Circular Letter No. 03 dated February 03, 2022 regarding subject matter.

2.       In this regard, it has been decided to allow the Exchange Companies (ECs) to maintain separate foreign currency account for each Money Transfer Operator (MTO). Further, the ECs can use such accounts to receive home remittances related commission/ fee or exchange gains subject to the condition that all such funds are surrendered to interbank market on the same day. However, incentive under this scheme will be provided only on the foreign exchange generated through home remittances.

3.        The related procedures and minimum documentary requirements along with Standard Operating Procedures (SOPs), for submission of claims under this incentive scheme, are attached as Annexure-A. The ECs shall adhere to the SOPs for filing their claims under the incentive Scheme.

Encl: Annexure-A