Download RBI Circular No.23/2013-14/180 Dated August 14, 2013 For Overseas Direct Investments

Download RBI Circular No.23/2013-14/180 Dated August 14, 2013 For Overseas Direct Investments

RESERVE BANK OF INDIA Foreign Exchange Department
Central Office

Mumbai – 400 001

RBI/2013-14/180

A. P. (DIR Series) Circular No.23                                                 August 14, 2013

To

All Category-I Authorised Dealer Banks Madam / Sir,

Overseas Direct Investments

Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to the Notification  No.  FEMA.120/RB-2004  dated  July 7, 2004, [Foreign  ExchangeManagement (Transfer or Issue of Any Foreign Security) Regulations, 2004], as amended from time to time (the Notification) and the A.P. (DIR Series) Circular No.11 dated September 26, 2007; A.P. (DIR Series) Circular No. 48 dated June 3, 2008 and A.P. (DIR Series) Circular No. 99 dated April 23, 2013. On a review, it has been decided to rationalize the regulations governing the overseas direct investments with immediate effect as under:

2.         Reduction of limit for Overseas Direct Investment

In terms of the extant provisions under the Foreign Exchange Management Act, 1999 (FEMA, 1999) on overseas direct investments, the total overseas direct investment (ODI) of an Indian Party in all its Joint Ventures (JVs) and / or Wholly Owned Subsidiaries (WOSs) abroad engaged in any bonafide business activity should not exceed 400 per cent of the net worth of the Indian Party as on the date of the last audited balance sheet under the Automatic Route.

It has now been decided:

a) To reduce the existing limit of 400 per cent of the net worth of the Indian Party to  100 per cent of its net worth under the Automatic Route. Accordingly, AD Category – I banks may allow overseas direct investments under the Automatic Route up to 100 per cent of the net worth of the Indian party, as on the date of  the last audited balance sheet;

b) To reduce the existing limit of 400 per cent of the net worth of the Indian company, investing in the overseas unincorporated entities in the energy and natural resources sectors, under the automatic route, to 100 per cent of the net  worth of the Indian company investing in the overseas unincorporated entities in the energy and natural resources sectors, as on the date of last audited balance sheet; and

c)  Any ODI in excess of 100% of the net worth shall be considered under the Approval Route by the Reserve Bank of India.

3.         In respect of the Navaratna Public Sector Undertakings  (PSUs), ONGC Videsh Limited (OVL) and Oil India Ltd (OIL), the extant provision for investing in overseas unincorporated entities and the overseas incorporated entities in the oil sector (i.e., for exploration and drilling for oil and natural gas, etc.), which are duly approved by the Government of India, without any limits under the automatic route, would however continue as hitherto.

4.         The above provisions shall come into effect with immediate effect and would apply to all fresh Overseas Direct Investment proposals on a prospective basis but would not apply to the existing JV/WOS set up under the extant regulations.

5.         AD Category – I banks may bring the contents of this circular to the notice of their constituents and customers concerned.

6.         Necessary amendments to the Notification No. FEMA.120/2004-RB dated July 7, 2004, [Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations 2004] are being notified separately.

7.         The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

Yours faithfully,

(C.D. Srinivasan)

Chief General Manager

Download RBI Circular No. 21/2013-14/177 Dated August 12, 2013 for Exim Bank's Line of Credit of USD 28.60 million to the Republic of Zimbabwe

Download RBI Circular No. 21/2013-14/177 Dated August 12, 2013 for Exim Bank’s Line of Credit of USD 28.60 million  to the Republic of Zimbabwe

RESERVE BANK OF INDIA Foreign Exchange Department
Central Office

Mumbai – 400 001

 RBI/2013-14/177

A.P. (DIR Series) Circular No. 21                                                       August 12, 2013

To,

All Category – I Authorised Dealer Banks Madam / Sir,

Exim Bank’s Line of Credit of USD 28.60 million  to the Republic of Zimbabwe

Export-Import Bank of India (Exim Bank) has entered into an Agreement dated June 21, 2013 with the Republic of Zimbabwe, for making available to the latter, a Line of Credit (LOC) of USD 28.60 million (USD Twenty- eight million six hundred thousand only) for financing eligible goods, services, machinery and equipment including consultancy services from India for the purpose of financing upgradation of Deka Pumping Station and River Water Intake System in Zimbabwe. The goods, services, machinery and equipment including consultancy services from India for exports under this Agreement are those which are eligible for export under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this Agreement. Out of the total credit by Exim Bank under this Agreement, the goods and services including
consultancy services of   the value of at least 75 per cent of the contract price shall be supplied by the seller from India and the remaining 25 percent goods and services may be procured by the seller for the purpose of Eligible Contract from outside India.

2.      The Credit Agreement under the LOC is effective from July 25, 2013 and the date of execution of Agreement is June 21, 2013. Under the LOC, the last date for opening of Letters of Credit and Disbursement will be 48 months from the scheduled completion date(s) of contract(s) in the case of project exports and 72 months (June 20, 2019) from the execution date of the Credit Agreement in the case of supply contracts.

3.          Shipments under the LOC will have to be declared on GR / SDF Forms asper instructions issued by the Reserve Bank from time to time.

4.            No agency commission is payable under the above LOC. However, if required, the exporter may use his own resources or utilize balances in his Exchange Earners’ Foreign Currency Account for payment of commission in free foreign exchange. Authorised Dealer Category- l (AD Category-l) banks may allow such remittance after realization of full payment of contract value subject to compliance with the prevailing instructions for payment of agency commission.

5.         AD Category-I banks may bring the contents of this circular to the notice of their exporter constituents and advise them to obtain full details of the Line of Credit from the Exim Bank’s office at Centre One, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005  or log on to www.eximbankindia.in.

6.           The Directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

Yours faithfully,

(C. D. Srinivasan)

Chief General Manager

Download RBI Circular No.19/2013-14/174 Dated August 07,2013 for All State and Central Co-operative Banks (StCBs and CCBs)

Download RBI Circular No.19/2013-14/174 Dated August 07,2013 for All State and Central Co-operative Banks (StCBs and CCBs)

RBI/2013-14/174

RPCD.CO.RCB.BC.No.19 /07.51.010/2013-14                                            August 07, 2013

The Chairman

All State and Central Co-operative Banks (StCBs and CCBs)

Dear Sir,

Credit Information Companies (Regulation) Act, 2005 – Compliance

Please refer to our circular RPCD.CO.RF.BC.No.44/07.40.06/2009-10 dated December 01,
2009 advising StCBs and CCBs that in terms of Section 15(1) of Credit Information Companies (Regulation) Act, 2005, every credit institution has to become a member of at least one Credit Information Company within a period of three months from commencement of the Act or any extended time allowed by the Reserve Bank on application.

2. As co-operative banks are also credit institutions as defined in sub-section (f) of Section 2 of the Act, they would be required to take membership of at least one Credit Information Company (CIC) and provide credit data in the format as required by the CIC.

3. However, it has come to our notice that a large number of StCBs and DCCBs are not members of any CIC as required under the Act. Therefore immediate steps may be taken by StCBs and DCCBs to become members of at least any one CIC.

4. Please acknowledge receipt to our Regional Office concerned. Yours faithfully,

(A.G.Ray)

General Manager

Download RBI Circular No. 289/2013-14/171 Dated August 1, 2013 for ATM transactions – Enhancement of customer service

Download RBI Circular No. 289/2013-14/171 Dated August 1, 2013 for ATM transactions – Enhancement of customer service

RBI/2013-14/171

DPSS. CO.PD.No. 289 / 02.10.002 / 2013-2014                                            August 1, 2013

The Chairman and Managing Director / Chief Executive Officers All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks

Madam / Dear Sir,

ATM transactions – Enhancement of customer service

The Reserve Bank of India has, over a period of time, issued a number of instructions to banks regarding enhancement of customer service as well as handling of customer complaints at ATMs. Despite this, certain operational issues continue to persist giving rise to customer complaints / suggestions on the matter.

2. Based on a review of the developments and with a view to further improve the customer service through enhancement of efficiency in ATM operations, banks are advised to initiate action as below:

a) The message regarding non-availability of cash in ATMs should be displayed before the transaction is initiated by the customer. Banks may exercise option to display such notices either on screen or in some other way.

b)  The ATM ID may be displayed clearly in the ATM premises to enable a customer to quote the same while making a complaint / suggestion.

c)  Reiterating our earlier instructions, issued vide circulars, DPSS.CO.PD.2018   /02.10.002/ 2009-10 dated March 19, 2010; DPSS.CO.PD.2359 /02.10.002/2009-10 dated May 3, 2010, DPSS. No. 2753 /02.10.02/ 2009-2010 dated June 15, 2010 and DPSS.CO.PD. No. 52/ 02.10.02 / 2010-2011 dated July 6, 2010, banks are advised to make available the forms for lodging ATM complaints within the ATM premises and also display the name and phone number of the officials with whom the complaint can be lodged. This will help in avoiding delays in lodging complaints.

d) Banks  may  make  available  sufficient  toll-free  phone  numbers  for  lodging complaints / reporting and blocking lost cards to avoid delays and also attend the  requests on priority. Local helpline numbers (city-wise / centre wise) should also be increased and should be prominently displayed in the ATM premises / banks’ web-site.

e) Banks  may  proactively  register  the  mobile  numbers       /  e-mail  IDs  of  theircustomers for sending alerts and also educate their customers to intimate changes, if any. A time-bound programme for updation of mobile number and or e-mail of all existing accounts may be drawn up. These details should be updated periodically along with KYC details.

f)    To prevent fraudulent withdrawal at ATMs, RBI had mandated requirement of PIN entry for each and every transaction, including balance enquiry transactions. Banks already have in place time limits for completion of transactions at ATMs.

However, as an additional safety measure, it is advised that the time out sessions should be enabled for all screens / stages of ATM transaction keeping in view the time required for such functions in normal course.  Bank may ensure that no time extensions are allowed beyond a reasonable limit at any stage of the transaction.

g)   Creating awareness about electronic banking products is of utmost importance to prevent frauds taking place in this field and also to make customers aware of their rights and responsibilities. In view of changes taking place in this field, banks, in collaboration with Indian Banks’ Association, may run advertisement campaign in both, print and electronic media at regular intervals.

3. Please acknowledge receipt and ensure compliance.

 Yours faithfully

(Vijay Chugh)

Chief General Manager

Download RBI Circular No. 36/2013-14/184 Dated August 14, 2013 for All Scheduled Commercial Banks (Excluding Regional Rural Banks)

Download RBI Circular No. 36/2013-14/184 Dated August 14, 2013 for All Scheduled Commercial Banks (Excluding Regional Rural Banks)

RBI/2013-14/184

Ref: DBOD.No.Ret.BC. 36 /12.01.001/2013-14                                           August 14, 2013

All Scheduled Commercial Banks (Excluding Regional Rural Banks)

Dear Sir,

Section 42(1) of the Reserve Bank of India Act, 1934 and Section 24 of the Banking Regulation  Act, 1949 – FCNR(B)/NRE deposits – exemption from maintenance of CRR/SLR and  exclusion from ANBC for Priority Sector Lending At present, banks are required to include all Foreign Currency Non-Resident Bank [FCNR

(B)] and Non-Resident (External) Rupee (NRE) deposit liabilities for computation of Net Demand and Time Liabilities (NDTL) and for maintenance of CRR and SLR.

2.         Banks  are  advised  that  with  effect  from  fortnight  beginning  August  24,   2013,

incremental FCNR (B) deposits as also NRE deposits with reference base date of July 26, 2013, and having maturity of three years and above, mobilised by banks will be exempt from maintenance of CRR and SLR. To amplify, if a bank had a total FCNR (B) deposit base of say USD 100 as on the base date, and mobilises an incremental deposit of say USD 20, that portion of USD 20 which has a maturity of 3 years and above will not be part of NDTL and will qualify for CRR and SLR exemption. The same principle will apply for calculation of NRE deposits for exemption from maintenance of CRR/SLR requirements. However, any transfer from Non-Resident (Ordinary) (NRO) accounts to NRE accounts shall not qualify for such exemptions.

3.         Further, advances extended in India against the incremental FCNR (B) / NRE deposits qualifying for exemption from CRR/SLR requirements as  above, will also be excluded from Adjusted Net Bank Credit for computation of priority sector lending targets.

4.         Please acknowledge receipt.

Yours faithfully

(Sudha Damodar)

Chief General Manager

Download RBI Circular No.6/2013-14/204 Dated August 28, 2013 for Implementation of Section 51-A of UAPA, 1967

Download RBI Circular No.6/2013-14/204 Dated August 28, 2013 for Implementation of Section 51-A of UAPA, 1967

RBI/2013-14/204

UBD.BPD.(PCB).Cir.No. 6 /14.01.062/2013-14                                    August 28, 2013

The Chief Executive Officer of

All Primary (Urban) Co-operative Banks

Dear Madam / Sir,

Implementation of Section 51-A of UAPA, 1967 – Updates of theUNSCR 1267 (1999) / 1989 (2011) Committe’s Al Qaida Sanction List – Primary (Urban) Co-operative Banks

Please refer to our circular UBD.BPD.PCB).Cir.No.52/14.01.062/2012-13 dated May 31, 2013 on the captioned subject. We have since received from Government of India, Ministry of External Affairs, UNP Division, copy of nineteenth update note dated August 6, 2013, (copy enclosed) forwarded by the Chairman of UN Security Council’s 1267/1989  Committee  regarding  amendments made  in  the  “Al-Qaida Sanctions List”, i.e. list of individuals and entities linked to Al-Qaida. The copy of theupdate is   available on UN    website at   the  following   url;http://www.un.org/News/Press/docs/2013/sc11089.doc.htm.

2. Primary (Urban) Co-operative Banks (UCBs) are required to update the list of individuals / entities as circulated by Reserve Bank of India. Before opening any new account, it should be ensured that the name/s of the proposed customer does not appear in the list. Further, banks should scan all existing accounts to ensure that no account is held by or linked to any of the entities or individuals included in the list.

3. UCBs are advised to strictly follow the procedure laid down in the UAPA Order dated   August 27, 2009   enclosed   to our  circular  UBD.CO.BPD.PCB.Cir.No.21/12.05.001/2009-10 dated November 16, 2009 and ensure meticulous compliance to the Order issued by the Government.

4. As far as freezing of funds, financial assets or economic resources or related services held in the form of bank accounts of the designated individuals / entities ar e concerned, action should be taken as detailed in paragraph 7 of the circular dated November 16, 2009, mentioned above.

5. The complete details of the said list are available on the UN website :

http://www.un.org/sc/committees/1267/pressreleases.shtml

http://www.un.org/sc/committees/1267/aq_sanctions_list.shtml

6. Compliance Officer / Principal Officer should acknowledge receipt of this circular to the Regional Office concerned.

Yours faithfully,

(Scenta Joy)

Deputy General Manager

Download RBI Circular No.27/2013-14/189 Dated August 16, 2013 for Exim Bank's Line of Credit of USD 41.60 million to the Government of the Union of Comoros

Download RBI Circular No.27/2013-14/189 Dated August 16, 2013 for Exim Bank’s Line of Credit of USD 41.60 million to  the Government of the Union of Comoros

RESERVE BANK OF INDIA Foreign Exchange Department
Central Office

Mumbai – 400 001

RBI/2013-14/189

A.P. (DIR Series) Circular No.27                                                   August 16, 2013

To

All Category – I Authorised Dealer Banks

Madam / Sir,

Exim Bank’s Line of Credit of USD 41.60 million to  the Government of the Union of Comoros

Export-Import Bank of India (Exim Bank) has entered into an Agreement dated February 22, 2013 with the Government of the Union of Comoros, for making available to the latter, a Line of Credit (LOC) of USD 41.60 million (USD Forty one million and six hundred thousand only) for financing eligible goods, services, machinery and equipment including consultancy services from India for the purpose of financing the installation of an 18 MW power project in Moroni, the capital city of Comoros. The goods, services, machinery and equipment including consultancy services from India for exports under this Agreement are those which are eligible for export under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this Agreement. Out of the total credit by Exim Bank under this Agreement, the goods and services including
consultancy services of   the value of at least 75 per cent of the contract price shall be supplied by the seller from India and the remaining 25 percent goods and services may be procured by the seller for the purpose of Eligible Contract from outside India.

2.     The Credit Agreement under the LOC is effective from July 23, 2013 and the date of execution of Agreement is February 22, 2013. Under the LOC, the last date for opening of Letters of Credit and Disbursement will be 48 months from the scheduled completion date(s) of contract(s) in the case of project exports and 72 months (February 21, 2019) from the execution date of the Credit Agreement in the case of supply contracts.

3.         Shipments under the LOC will have to be declared on GR / SDF Forms as per instructions issued by the Reserve Bank from time to time.

4.         No agency commission is payable under the above LOC. However, if required, the exporter may use his own resources or utilize balances in his Exchange Earners’ Foreign Currency Account for payment of commission in free foreign exchange. Authorised Dealer Category- l (AD Category-l) banks may allow such remittance after realization of full payment of contract value subject to compliance with the prevailing instructions for payment of agency commission.

5.         AD Category-I banks may bring the contents of this circular to the notice of their exporter constituents and advise them to obtain full details of the Line of Credit from the Exim Bank’s office at Centre One, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005  or log on to www.eximbankindia.in.

6.              The Directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are  without prejudice to permissions / approvals, if any, required under any other law.

Yours faithfully,

(C. D. Srinivasan)
Chief General Manager

Download RBI Circular No.182 /2013-14/182 Dated August 14, 2013 For Implementation of Section 51-A of UAPA, 1967- Updates of the NSCR 1267(1999) / 1989(2011) Committee's Al Qaida Sanctions List and Consolidated

Download RBI Circular No.182 /2013-14/182 Dated August 14, 2013 For Implementation  of  Section 51-A  of  UAPA,  1967-  Updates  of  the   NSCR 1267(1999) / 1989(2011) Committee’s Al Qaida Sanctions List and Consolidated

RBI/2013-14/182

DBOD.  AML.No. 2406 /14.06.001/2013-14                                                 August 14, 2013

The Chairmen / CEOs of all Scheduled   Commercial Banks (Excluding RRBs)/Local Area Banks / All India Financial Institutions

 Dear Sir,

 Implementation  of  Section 51-A  of  UAPA,  1967-  Updates  of  the   NSCR 1267(1999) / 1989(2011) Committee’s Al Qaida Sanctions List and Consolidated

List

Please refer to our circular DBOD. AML No. 14982/14.06.001/2012-13 dated April
17, 2013 on the captioned subject. We have since received from Government of India, Ministry of External Affairs, UNP Division, copy of nineteenth update note dated August 6, 2013, (copy enclosed) forwarded by the Chairman of UN Security Council’s 1267/1989 Committee  regarding  amendments  made  in the “Al-Qaida Sanctions List”, i.e. list of individuals and entities linked to Al-Qaida. The copy of the update is available on UN website at the following url;

http://www.un.org/News/Press/docs/2013/sc11089.doc.htm

 2.   Banks/All   India   Financial   Institutions   are   required   to   update   the   list   of individuals/entities as circulated by Reserve Bank and before opening any new account, it should be ensured that the name/s of the proposed customer does not appear in the list. Further, banks should scan all existing accounts to ensure that no account is held by or linked to any of the entities or individuals included in the list.

 3.   Banks are advised to strictly follow the procedure laid down in the UAPA Order dated August 27, 2009 enclosed to our circular DBOD.AML.BC. No.44/14.01.001/2009-10   dated   September 17, 2009   and   ensure   meticulouscompliance to the Order issued by the Government.

4.  As far as freezing of funds, financial assets or economic resources or related services held in the form of bank accounts of the designated individuals/entities are concerned, action should be taken as detailed in paragraph 6 of the circular dated September 17, 2009, mentioned above.

 5.  The complete details of the said list are available on the UN website:

http://www.un.org/sc/committees/1267/pressreleases.shtml

http://www.un.org/sc/committees/1267/aq_sanctions_list.shtml

 6. Compliance Officer/Principal Officer should acknowledge receipt of this circular.

Yours faithfully,

(Prakash Chandra Sahoo)
Chief General Manager

Encl: As above

 

(C. D. Srinivasan)
Chief General Manager

Download RBI Circular No. 20/2013-14/176 Dated August 12, 2013 for Foreign Exchange (Compounding Proceedings) Rules, 2000 (the Rules) – Compounding of Contraventions under FEMA, 1999

Download RBI Circular No. 20/2013-14/176 Dated August 12, 2013 for Foreign Exchange (Compounding Proceedings) Rules, 2000 (the Rules) – Compounding of Contraventions under FEMA, 1999

RESERVE BANK OF INDIA Foreign Exchange Department
Central Office

Mumbai – 400 001

RBI/2013-14/176

A.P. (DIR Series) Circular No. 20                                                   August 12, 2013

To,

All Category – I Authorised Dealer Banks Madam / Sir,

Foreign Exchange Management Act, 1999 (FEMA)

Foreign Exchange (Compounding Proceedings) Rules, 2000 (the Rules) –                    Compounding of Contraventions under FEMA, 1999

Attention  of  Authorised  Dealers     (ADs)  and  their  constituents  is  invited  to paragraph 7.2 of A.P. (DIR Series) Circular No.   56 dated  June 28, 2010 wherein they were advised to ensure that the applications for compounding are submitted

only after the transactions are complete and all the requisite approvals are in place. Of late, we have been receiving a number of applications for compounding of contraventions of FEMA, 1999 which are submitted without obtaining proper approvals or permission from the concerned authorities leading to avoidable correspondence with the applicants and also return of applications. In case the application has to be returned for this reason or any other reason, the application fees of Rs.5000/-  received along with the application fees is also returned.

2.         To expedite the refund of compounding fees in such cases, it has been decided  to  credit  the  same  to  the  applicant’s  account  through  NEFT.  The applicants are advised to furnish their mandate and details of their bank account as per  ANNEX along with the application in the prescribed format and other documents required to be submitted  in terms of the instructions contained in A.P. (DIR Series)Circular Nos. 56 and 57 dated June 28, 2010 and December 13, 2011 respectively.

3.       Further,  the  Annexes  relating  to  Foreign  Direct  Investment,  External Commercial Borrowings, Overseas Direct Investment and Branch Office / Liaison Office, as given in A.P.(Dir Series) Circular No.57 dated December 13, 2011, have also been modified to include the details of income-tax PAN and the activity as per NIC codes – 1987. It may please be noted that the application will be treated as incomplete without these details.

4. The applicants may also note to bring to the notice of the compounding authority change, if any, in the address/contact details of the applicant during the pendency of the compounding application with Reserve Bank.

5. Authorised Dealers may bring the contents of this circular to the notice of their constituents and customers concerned.

6. The directions contained in this circular have been issued under sections 10 (4) and 11 (1) of the Foreign Exchange Management Act, 1999 (42 of 1999).

Yours faithfully,

(Rudra Narayan Kar)

Chief General Manager-in-Charge

Download RBI Circular No.26/2013-14/188 Dated August 14, 2013 for Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR

Download RBI Circular No.26/2013-14/188 Dated August 14, 2013 for Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR

RESERVE BANK OF INDIA Foreign Exchange Department
Central Office

Mumbai – 400 001

RBI/2013-14/188

A.P. (DIR Series) Circular No.26                                                        August 14, 2013

To

All Category – I Authorised Dealer Banks Madam / Sir,

Deferred Payment Protocols dated April 30, 1981 and December 23, 1985
                     between Government of India and erstwhile USSR

Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No.05 dated July 08, 2013,  wherein the Rupee value of the Special Currency Basket was indicated as Rs.80.972091 effective from June 25, 2013.

2.        AD Category-I banks are advised that a further revision has taken place on August 06, 2013 and accordingly, the Rupee value of the Special Currency Basket has been fixed at Rs.83.45023 with effect from August 12, 2013.

3.         AD Category-I banks may bring the contents of this circular to the notice of their constituents concerned.

4.         The Directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

Yours faithfully,

(C.D.Srinivasan)

Chief General Manager