A.P.(DIR Series) Circular No.42/2002-RB, Dt. 30/04/2002

ACU-Funding of Nostro Account on ‘TOM’ basis

Attention of authorised dealers is invited to AP (DIR Series) Circular No.25 dated February 17, 2001 in terms of which, authorised dealers desirous of availing the facility of booking transactions in their ACU Dollar Accounts on ‘Tom’ basis are required to submit their applications to Department of External Investments and Operations, Reserve Bank of India, Mumbai before 3 p.m. a day prior to Value Date.

2. In view of suggestions received from some of the authorised dealers, it has now been decided that authorised dealers desirous of availing the facility of booking ACU transactions on ‘Tom’ basis may submit their applications to Department of External Investments and Operations, Central Office, Reserve Bank of India, Mumbai upto 4 p.m. a day prior to the Value Date.

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

Yours faithfully,
Grace Koshie
Chief General Manager

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