Attention of Exchange Companies (ECs) is invited towards the instructions contained in Para 7, Chapter 7 of Regulatory Framework for Exchange Companies (RFEC).
2. In order to facilitate Exchange Companies in mobilizing additional home remittances, it has been decided that they may enter into forward sale transactions with the Authorized Dealers against receipt of home remittances for a period up to 5 working days. Accordingly, sub-para 7 I(d) has been amended and a new sub-para 7 II has been introduced in Chapter 7 of ibid while the remaining sub-paras stand renumbered. The revised Para 7 of Chapter 7 is attached as appendix-A.
3. ECs are advised to bring the above instructions in the knowledge of all concerned for compliance.
Encl: Appendix-A
Annexure-N