Regulatory Alerts2017-05-15
Added · Updated
FE Circular No. 22: Use of balances held in exporter's retention quota (ERQ) accounts
This circular clarifies that the transfer of unencumbered foreign currency between ERQ accounts of the same exporters maintained with different Authorized Dealers is permissible for bonafide transactions under paragraph 29(i), chapter 13 of GFET, Vol-1. It further authorizes nominated Authorized Dealers to effect remittances for the repayment of foreign loans out of ERQ account balances or funds transferred from other ADs of the same borrower, as well as from ERQ accounts of the borrower's subsidiaries or sister concerns. These loan repayments are subject to compliance with FE Circular No. 03 dated January 22, 2017 and the conditions stipulated in the relevant loan approval letter.
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