Regulatory Alerts2014-01-27
Added · Updated
FEPD Circular Letter No. 01: Use of Foreign Currency obtained from discounting of direct/deemed export bills
Authorized dealer banks may retain the balance of foreign exchange remaining after payment of back-to-back letters of credit from the discounting of usance direct or deemed export bills in a single pool. This retained fund is authorized for use in future import payments, including the settlement of back-to-back liabilities. This directive applies to banks operating under the Guidelines for Foreign Exchange Transactions (GFET)-2009.
More like this from BB
BB published 33 documents in the last 30 days. We email you each new one the day it's published.
Topics
fx
Share