Eximkey - India Export Import Policy 2004 2013 Exim Policy

Where the Reserve Bank directs that a payment be made to a blocked account only, it will be the responsibility of the banker to whom the direction is issued, to ensure that funds in question are immediately immobilized and are in fact disbursed only to the credit of a blocked account in the name of the non-resident concerned with a bank authorised to maintain blocked accounts. The banker with whom the non-resident maintains or has arranged to open a blocked account in his name should first obtain Reserve Banks approval on form A4 for credit of the amount and confirm to the paying banker the fact of his having obtained such approval to enable the latter to disburse the amount.

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