(i) Authorised dealers may exercise powers within the parameters laid down in this Manual and in circulars issued from time to time by Reserve Bank, subject to fulfilment of the conditions, if any, indicated therein.

(ii) With effect from August 20, 1994 India has accepted the obligations under Article VIII of the Articles of Agreement of the International Monetary Fund in regard to current account transactions. Accordingly, all bona fide current account transactions would qualify for release of foreign exchange either under the authority delegated to authorised dealers or after obtaining the necessary approval from Reserve Bank. [Also see paragraphs 1.14and3B.3(iv)].