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To,

All Authorised Persons

Madam/ Sir,

Master Direction – Reporting under Foreign Exchange Management Act, 1999

Foreign Exchange Management Act, 1999 (FEMA) is administered through the authorised persons and is based on the declarations and averments made to them by persons while undertaking the transactions. The Reserve Bank, therefore, has prescribed various reports and forms under FEMA to be submitted by/ through Authorised Persons/ Authorised Dealer Category – I Banks/ Authorised Banks. Accurate compilations and timely submission of these reports are of critical importance as they not only act as a supervisory tool but also help in fine-tuning the policies relating to foreign exchange transactions regulated under FEMA.

2. The various reports/ forms required to be submitted under FEMA are consolidated under this Master Direction.

3. The Master Direction will be updated from time to time as and when fresh instructions are issued.

Yours faithfully,

(N. Senthil Kumar)
Chief General Manager

* Since this Master Direction has been significantly amended, it has been replaced rather than showing the changes in track mode for reader convenience.

Part	Subject	Page No
Part I:	Remittance Facilities
1)	Money changing Activity	04-22
2)	Money Transfer Service Scheme (MTSS)	23-28
3)	Rupee Drawing Arrangements (RDA)	29-41
Part II:	Liberalised Remittance Scheme (LRS)	42-43
Part III:	LO/BO/PO	44-49
Part IV:	Foreign Investment	50-61
Part V:	External Commercial Borrowing	62-77
Part VI:	Non-Resident Foreign Accounts	78-82
Part VII:	Immovable Property	83-85
Part VIII:	Overseas Direct Investment	86-114
Part IX:	Trade
1)	Exports	115-126
2)	Imports	127-132
Part X	Guarantees	133
Part XI	Compounding	134-140
Part XII	Licensing of NBFCs as Authorised Dealer Category-II under section 10(1) of FEMA 1999	141-143
Part XIII	Late Submission Fee (LSF) Matrix for Reporting Delays, wherever applicable	144-146

Part I: Remittance Facilities

1) Money Changing Activity

Authorised Money Changers (AMCs) are entities, authorised by the Reserve Bank under Section 10 of the Foreign Exchange Management Act, 1999. An AMC is a Full-Fledged Money Changer (FFMC). In addition to Authorised Dealer Category -I Banks (AD Category– I Banks) and Authorised Dealers Category - II (ADs Category–II), Full Fledged Money Changers (FFMCs) are also authorised by the Reserve Bank to deal in foreign exchange for specified purposes in order to widen the access of foreign exchange facilities to residents and tourists and ensuring efficient customer service through competition. FFMCs are authorised (a) to purchase foreign exchange from non-residents visiting India and residents; and (b) to sell foreign exchange for certain approved purposes. AD Category –I Banks / ADs Category – II / FFMCs may appoint franchisees to undertake purchase of foreign currency.

Prescribed Forms/ Returns:

(a) Application Form for FFMC licence under section 10(1) of FEMA, 1999 (Annex I)

(b) The Reserve Bank permits AD Category – I Banks, ADs Category - II and FFMCs to enter into [franchisee (also referred as agency)] agreements at their option for the purpose of carrying on Restricted Money Changing (RMC) business i.e. conversion of foreign currency notes, coins or travellers' cheques into Indian Rupees.They are required to obtain information from the franchisee in Form RMC-F (Annex II), scrutinise the same and keep it on record.

(c) Registers in respect of the money-changing transactions to be maintained by AMCs:

(i) Daily Summary and Balance Book (Foreign currency notes / coins) in form FLM 1 (Annex-III).

(ii) Daily Summary and Balance Book (Travellers’ cheques) in form FLM 2 (Annex-IV).

(iii) Register of purchases of foreign currencies from the public in form FLM 3 (Annex-V).

(iv) Register of purchases of foreign currency notes / coins from authorized dealers and authorized money changers in form FLM 4 (Annex-VI).

(v) Register of sales of foreign currency notes / coins and foreign currency travellers’ cheques to the public in form FLM 5 (Annex-VII).

(vi) Register of sales of foreign currency notes / coins to authorized dealers / Full Fledged Money Changers / overseas banks in form FLM 6 (Annex-VIII).

(vii) Register of travellers’ cheques surrendered to authorized dealers / authorized money changers / exported in form FLM 7 (Annex-IX).

(viii) FLM 8 (Annex-X).

(ix) Quarterly Statement showing summation of Foreign Currency Account opened in India out of export proceeds of Foreign Currency Notes/ encashed Travellers’ Cheques (Annex XII).

(x) Annual Statement of the amount of foreign currency written off during a financial year (Annex XIII).

(xi) Proforma giving Information about New Directors/ Change of Directors of the FFMC / non-bank AD Category – II (Annex XIV).

Part I: Annex-I

Application Form for FFMC licence under section 10(1) of FEMA, 1999

We undertake that in the conduct of money changing business, we shall at all times abide by the rules/ regulations/ orders/ directions/ notifications which Reserve Bank may from time to time issue in this behalf.

Place:

Date:

Signature of the applicant with seal

Enclosures:

1. Bankers' confidential Report

2. Attested copies of audited accounts for the past 3 years.

Note: Single branch FFMCs shall have Net Owned Funds not less than Rs.25 lakh while FFMCs intending to operate through more than one branch will have to maintain Net Owned Funds not less than Rs.50 lakh.

Part I: Annex-II

Form RMC-F

We declare that while selecting the franchisees adequate due diligence has been carried out and that such entities have undertaken to comply with all the provisions of the franchising agreement/prevailing RBI regulations regarding money changing.

Place:

Date:

Name: __________________________

Designation: _____________________

Part I: Annex-III

FLM 1

Daily Summary and Balance Book
(Foreign Currency notes/coins)

Date: _________________

N.B: In cases where forged notes etc. are detected, the closing balance may be adjusted with remarks indicating the amount and the reasons for writing off.

Date:

Name: __________________________
Designation: _____________________

Part I: Annex-IV

FLM 2
Daily Summary and Balance Book
(Travellers’ cheques)

Date: _______________

Pre-paid cards sold:                                         No.                                              Amount.

Date:

Name: __________________________

Designation: ______________________

_______________________________________________________________

Note: - Stock register of blank travellers’ cheques/ smart cards in various denominations obtained from authorized dealers/ TC issuers/ other agencies for sale to travellers under Basic Travel Quota or for business visit should be maintained and balanced on a daily basis.

Part: I Annex-V

FLM 3

Register of purchases of foreign currencies from the public

NOTES:(1) If the money-changer is dealing in a large number of currencies, two or more registers currency-wise or otherwise may be maintained, as convenient.

(2) If traveller cheques are purchased, the prefix, "TC" may be indicated in the amount column.

(3) If more than one currency is purchased from the same tenderer, separate entries may be made.

Date:

Name: __________________________
Designation: _____________________

Part: I Annex -VI

FLM 4

Register of purchases of foreign currency notes/ coins from Authorised dealers and authorised money-changers

Date:

Name: _______________________________
Designation: __________________________

Part I: Annex-VII

FLM 5

NOTES: (1) If the money-changer is dealing in a large number of currencies, two or more registers currency-wise or otherwise may be maintained, as convenient.

(2) If more than one currency is sold, separate entries may be made

(3) The columns 6 and 9 to be filled in case of release of exchange for business purpose

Date:

Name: _________________________

Designation: ____________________

Part I: Annex-VIII

FLM 6

Register of sales of foreign currency notes/coins to authorised dealers/ full-fledged money changers/overseas banks

Note: - Necessary entries in the register should be made before the funds are taken out of the premises, not after delivery of funds.

Date:

Name: _______________________________

Designation: ___________________________

Part I: Annex-IX

FLM 7

Register of travellers’ cheques surrendered to authorised dealers/authorized money changers/exported

Date:

Name: __________________________

Designation: ______________________

Part I: Annex- X

FLM 8

(For FFMCs) Summary statement of purchases and sales of foreign currency notes during the month of __________20

RBI Licence No.________

We hereby certify that the statement is a true and correct account of all transactions undertaken during the month in accordance with the Foreign Exchange Regulations.

Place:

Date:

(Signature of Authorized Official)

Stamp

Name: ____________________

Designation: _______________

FLM 8

(For ADs Category-II)

Summary statement of purchases and sales of foreign currency notes during the month of __________

RBI Licence No.________

Name and address of the Authorised Dealer Category-II____________________

We hereby certify that the statement is a true and correct account of all transactions undertaken during the month in accordance with the Foreign Exchange Regulations.

Place:
Date:

(Signature of Authorised Official)

Stamp

Name: __________________________
Designation: _____________________

Part I: Annex- XI

Statement of Purchase transactions of USD 10,000 and above for the month of

Signature of Authorized Official with Seal

Part I: Annex- XII

Statement showing summation of Foreign Currency Account opened in India out ofexport proceeds of Foreign Currency Notes/ encashed Travellers’ Cheques for thequarter ended ___________

(Value in USD)

Certified that the above particulars are correct as per our records.

Name and address of the AD Category - I

Signature of Authorized Official of the AD Category - I with Seal

Part I: Annex- XIII

Statement of the amount of foreign currency written off during the financial year ended

Name of the FFMC/ AD Category-II:

A. Total amount written-off (in equivalent USD):

B. Details of the amount written-off:

* Please indicate whether on account of being found to be fake or forged/ theft/ lost in transit, etc.

Signature of Authorized Official with Seal

Part I: Annex XIV

Proforma

Information about New Directors / Change of Directors of the FFMC / non-bank AD Category – II

1. Name :

2. Designation :

3. Nationality :

4. Age :

5. Business Address :

6. Residential Address :

7. Educational / professional qualifications :

8. Line of business or vocation :

9. Name/s of other companies in which the person has held the post of :
Chairman / Managing Director / Director / Chief Executive Officer

10. (i) Whether associated as promoter, Managing Director, Chairman :
or Director with any other FFMC / AD Category - II?

(ii) If yes, the name/s of the company/ies :

11. (i) Whether prosecuted/convicted for any economic offence either in the individual capacity or as a partner / director of any firm / company :

(ii) If yes, particulars thereof :

12. Experience in money changing business (number of years) :

13. Equity shareholding in the company No. of shares :

Face value :

Percentage to total equity share capital of the company :

2) Money Transfer Service Scheme (MTSS)

Money Transfer Service Scheme (MTSS) is a quick and easy way of transferring personal remittances from abroad to beneficiaries in India. Only inward personal remittances into India such as remittances towards family maintenance and remittances favouring foreign tourists visiting India are permissible. No outward remittance from India is permissible under MTSS. The system envisages a tie-up between reputed money transfer companies abroad known as Overseas Principals and agents in India known as Indian Agents who would disburse funds to beneficiaries in India at ongoing exchange rates. The Indian Agent is not allowed to remit any amount to the Overseas Principal. Under MTSS the remitters and the beneficiaries are individuals only.

The reporting requirements are given below:

a. List of Sub Agents, Overseas Principal-Indian Agent wise (Annex XV): Indian Agents should forward a full updated list (names and addresses and their location) of their Sub Agents by e-mail, in excel format, in soft form, to the concerned FED Regional Office, whenever they appoint/ remove any Sub Agent. Indian Agents who are non-bank Authorised Category- II / FFMC shall submit the same in the APConnect application (https://apconnect.rbi.org.in/entity). Indian Agents should visit the RBI website and verify the list of Sub Agents on regular intervals and any aberration to the list observed may immediately be brought to the notice of the concerned FED ROs. Further, Indian Agents should confirm the veracity, on quarterly basis, of the list placed on RBI website to their respective FED ROs, either in form of a letter or by email, within 15 days from the end of a quarter.

b. List of additional locations: To be furnished by the Indian Agents to the ROs concerned of the FED of the Reserve Bank, under whose jurisdiction their registered offices fall, on quarterly basis, within 15 days from the close of the quarter to which it relates.

c. Quarterly statement of the quantum of remittances received (Annex XVI): To be submitted by the Indian Agents through Centralised Information Management System (CIMS) (URL: https://sankalan.rbi.org.in) within 15 days from the close of the quarter to which it relates. In case no remittance was received during a quarter, a ‘NIL’ report shall be submitted.

d. Half-yearly statement of the collateral held as at the end of June and December every year (Annex-XVII): To be furnished by the Indian Agents to the ROs concerned of the FED of the Reserve Bank, under whose jurisdiction their registered offices fall, within 15 days from the close of the half-year to which it relates. Indian Agents who are nonbank Authorised Category- II / FFMC shall submit the same in the APConnect application within the specified timeline.

All The Authorised persons who are Indian agents under MTSS are required to make all their correspondence with Reserve Bank including submission of prescribed statements to the Regional Office of the Foreign Exchange Department of the Reserve Bank, under whose jurisdiction their registered offices function

Part I: Annex XV

Format for Sub Agents of Indian Agents of MTSS

Note: With reference to point 9, ownership of the Sub Agent should be detailed up to the last layer of equity holding ending in mentioning the name of the individual/ entity that owns beneficial interest in the company.

Date:
Place:

Signature of Chartered Accountant 
Signature of Managing Director

Part I: Annex XV a

List of Certified copies of Documents to be submitted

1. Certificate of Incorporation

2. Memorandum (up-to-date) and Articles of Association

3. Board resolution for conducting money transfer activities, submission of application and its contents including authorization of an official to make the application.

4. Details of associates, group companies, etc.

5. PAN Card/s of the Director/s.

6. Bank Account details and sealed confidential reports from banks.

7. A certificate from Chartered Accountant certifying Net Owned Funds

8. Balance Sheet and P&L A/c statement for the last three years.

9. Business plan for the next three years.

10. Conduct certificate from the local police authorities.

11. Declaration regarding past criminal cases, cases initiated/ pending against the company or its Directors by any law enforcing agencies.

12. Photographs of the Directors and key persons.

13. Information about the management.

14. Shop and establishment certificate/ other municipal certificate.

Part I: Annex XVI

Statement showing details of quantum of remittances received through Money Transfer Service Scheme during the quarter ended __________________

Name of the Indian Agent ______________________________________

Note: This statement is required to be submitted by the Indian Agents through Centralised Information Management System (CIMS) (URL: https://sankalan.rbi.org.in)within 15 days from the close of the quarter to which it relates.

Part I: Annex XVII

Statement of Collateral kept by Indian Agents

Name of the Indian Agent __________________________

Note: This statement as at the end of June and December every year is required to be submitted to the Regional Office concerned of the Foreign Exchange Department of the Reserve Bank within 15 days from the close of the half year to which it relates. Indian Agents who are non-bank Authorised Category- II / FFMC shall submit the same in the APConnect application within the specified timeline.

3) Rupee Drawing Arrangements (RDA)

Under the Rupee Drawing Arrangements (RDAs), cross-border inward remittances are received in India through Exchange Houses situated in Gulf countries, Hong Kong, Singapore, Malaysia (for Malaysia only under Speed Remittance Procedure) and all other countries which are FATF compliant (for all other countries which are FATF compliant only under Speed Remittance Procedure).

The reporting requirement is given below:

a. Application (Annex XVIII): AD Category–I banks should apply to the Reserve Bank in the form provided at Annex XVIII with necessary documents the first time they enter into RDAs with non-resident Exchange Houses from Gulf countries, Hong Kong, Singapore, Malaysia and all other countries which are FATF compliant, for opening and maintaining in India the Rupee vostro accounts of those non-resident Exchange Houses.

b. Statement A (Annex XIX): This monthly Exchange House-wise statement is designed to elicit details of operations in Rupee/ foreign currency vostro accounts of Exchange Houses. This statement should be critically examined to ascertain whether funds held in the account are adequate to cover estimated pipeline debits. The Top Management of the ADs Category-I may work out the pipeline data and set their own limits and the adherence to the limits set should be informed to the Top Management on a quarterly basis.

c. Statement B (Annex XX): This is a consolidated half-yearly statement showing position of Rupee/ foreign currency vostro accounts of Exchange Houses which are to be closed/ are in the process of closure.

d. Statement C (Annex XXI): This is a monthly statement giving information regarding Exchange House’s account held at overseas branches of Indian banks under Draft Drawing Arrangement (DDA)/ Non-DDA procedures for holding collection proceeds and additional collaterals.

e. Statement D (Annex XXII): This monthly statement provides information about operations in the foreign currency vostro account of the Exchange House.

Note - While statements A to D (Annex XIX to XXII) are not required to be submitted to the Reserve Bank, ADs Category-I should prepare these statements and cause inspections at the prescribed periodicities. The relative statements/ reports should invariably be submitted to their respective Top Management with suitable explanatory notes indicating corrective measures taken/ being initiated wherever necessary.

f. Statement E (Annex XXIII): This quarterly statement on total remittances received every quarter is required to be submitted through Centralised Information Management System (CIMS) (URL: https://sankalan.rbi.org.in) before 15th of the succeeding month to which the quarter relates.In case no data is to be furnished, AD Category – I banks shall upload a ‘NIL’ report in CIMS.

g. Annual Review: AD Category-I banks should submit to the respective Regional Office of the Foreign Exchange Department of the Reserve Bank of India, under whose jurisdiction the registered office of the applicant falls by 30th June every year an annual review note covering the period January 1 to December 31 of the previous year, on the vostro accounts of the Exchange Houses maintained by them under the Rupee/ Foreign Currency Drawing Arrangements (RDAs/ FcyDAs) duly approved by their Board. The Review Note should cover various aspects like (a) credit-worthiness of the Exchange House (based on financial statements and market reports), (b) validity of licenses of Exchange Houses and compliance of home country KYC/ AML /CFT Guidelines by Exchange Houses (c) financial losses suffered if any by the AD category –I bank on account of transactions, events, disputes, etc., (d) business turnover separately under each arrangement, (e) funding arrangements in respect of vostro accounts, (f) half-yearly inspection of the account of the Exchange House, (g) supervision (system in vogue to monitor operations in the account), (h) internal control and risk management system, (i) overdrafts and interest collected. An extract of directions, if any issued by the Board should be forwarded to the Reserve Bank along with the Annual Review note. While submitting the annual review note, the particulars such as (a) complete particulars of Drawing Arrangements (DDA/ NonDDA / Speed Remittance) that the AD Category-I banks have with Exchange Houses with the date of approval by RBI and opening of the vostro accounts (b) dates of termination of Drawing Arrangements, if any (including Drawing Arrangements which could not be concluded), and (c) number of drawee branches under each arrangement should be included.

Note: Authorised Dealer Category I banks are required to make all their correspondence with Reserve Bank including submission of prescribed statements to the Regional Office of the Foreign Exchange Department of the Reserve Bank, under whose jurisdiction their registered offices function.

Part I: Annex XVIII

Application for obtaining permission to enter into Rupee/ Foreign Currency Drawing Arrangements with Exchange Houses

(a) The application for obtaining permission to enter into Rupee / Foreign Currency Drawing Arrangements with Exchange Houses should be completed and submitted in the prescribed format (given below), to the respective Regional Office of the Foreign Exchange Department of the Reserve Bank of India, under whose jurisdiction the registered office of the applicant falls. The application should be signed by the General Manager (or an officer of equivalent rank), International Banking Division/ Foreign Department of the applicant AD Category-I bank.

(b) Documentation:

AD Category-I banks should submit the following documents along with the application: (i) Certified copy of the license (English version) issued by the Central Bank/ any other Supervisory Authority of the country where the Exchange House is situated.

(ii) Certified copy/ies of license(s) issued by Municipal Authorities and / or any other Government regulatory/ controlling authority in the country of the Exchange House. (Applicable to the Exchange Houses in U.A.E.)

(iii) A Certificate from a Chartered Accountant, regarding compliance with Know Your Customer/Anti Money Laundering/Combating the Financing of Terrorism norms in the home country by the Exchange House.

(iv) Certified copies of confidential opinion/ report recorded by Embassy of India in the country concerned/ bankers of the Exchange House/ correspondent banks etc., subject to the satisfaction of the Board of the bank concerned.

(v) Audited Balance Sheets and Profit and Loss Account Statements of the Exchange House for the previous three years.

(vi) Copy of the Board Resolution of the AD Category-I bank for entering into the arrangement.

(vii) Copy of letter from the Exchange House regarding the proposal to enter into the Rupee/ Foreign Currency Drawing Arrangement along with the provision of collateral, wherever necessary.

Part I- Particulars of the applicant bank and its existing arrangement(s), if any

Part II- Particulars of the Exchange House for the proposed drawing arrangement

Part III- Details of the proposed arrangement

We hereby certify that –

(i) the proposed arrangement with…………………………………………………… has been considered by us carefully taking into account the means and standing of the aforesaid EH and we are fully satisfied about the credentials and competence of the persons/ firms/ companies associated with the EH.

(ii) Our branches already having DD drawing arrangements with other EH(s) and which are now proposed to be covered under the proposed arrangement with the above EH viz…………………………………………………………..… have sufficient expertise to handle business emanating from one more EH.

(iii) We have put in place adequate internal control and risk management system which are working satisfactorily.

(iv) The particulars given above are true and correct to the best of our knowledge and belief.

( )

General Manager
Address

Place

Date

Part I: Annex XIX

Statement A

Name of the Authorised Dealer Category-I:

Full address:

Name of the Exchange House:

Particulars of operations in the account in the month of

1. Opening balance in the account (Cr/Dr) at the start of : _________________

2. Total credits during the month : _________________

3. Total debits during the month : _________________

4. Closing balance (Cr/Dr) as on : _________________

5. Estimated value of pipeline debits : _________________
(average 15 days drawings determined by progressive annual debit summations or by item No.3 above, whichever estimate is higher)

5 a. The amount of actual payments made by the principal: _____________
encashing branches/offices during the last one week (for adding to estimated pipeline)

6. Funds held abroad as collateral by the bank or under : _________________
DDA procedure.

7. Surplus /deficit in balances/collaterals in the account to: _________________
cover item No.5

8. State amount of counter-value foreign currency : Date Amount of recovered from the Exchange House against each specific foreignforeign credit afforded to the account during the month currency corresponding to the sale of Rupees made by the bank to recovered the Exchange House

A) All payment advices received during the month from our paying branches have been taken into account for raising debits in the Rupee accounts of the Exchange House.

B) We have received confirmation from our nostro account maintaining banks abroad for having credited counter value (foreign currency) funds to our nostro account before crediting Rupee funds to the account of the Exchange House.

C) We confirm that the Rupee accounts of the Exchange Houses are conducted strictly in accordance with the guidelines issued by RBI and in terms of the relative agreements with the Exchange Houses concerned.

D) Copy of the statement has been sent to the General Manager-in-charge, Foreign correspondent relationship and department / Officer in Charge, nostro account of our bank.

E) We confirm that we have not received any adverse report / warning signals from the General Manager of our International Department whose accounts are maintained by us at the time of submitting the statement.

Statement countersigned by certifying that it has been internally reviewed in the bank and the conduct of the account is considered satisfactory.

Part I: Annex XX

Statement B

Consolidated statement of position of Exchange Houses’ accounts to be closed/ under closure (to be submitted by the Account maintaining office through the International Division)

(a) Notice has been issued to all Exchange Houses regarding closure of the account.

(b) There are no pipeline debits or items of recovery in respect of the above accounts save for what is stated in the Column No. 9.

(c) The transactions in the accounts which are still operated are explained separately in the annexure under title name of each Exchange House (An explanatory remark sheet may be attached for the purpose).

(d) The following accounts reflected above were closed during the month under review.

___________________
Chief Manager of Account Maintaining Branch

Statement countersigned certifying
that all the accounts reported above are
under the concerned Exchange Houses
have been duly suspended and closure of
the accounts is being followed up

________________________________

General Manager-in-Charge of International
Division/ International Operations in the AD
Category-I

Part I: Annex XXI

Statement C

Monthly statement regarding particulars of Exchange House account held at overseas branches of Indian banks (ADs Category-I)

Name of the AD Category-I:

Part I: Annex XXII

Statement D

Name of the AD Category-I: _________________ No. of drawee branches: ______

Full Address: _____________________________ Type of Account: ____________

RBI Approval No. and date: _______

Name of the Exchange House: _______________

Particulars of operations in the Account during the month of __________

8(a) All payment advices received during the month from our paying branches have been taken into account for raising debits in the USD/ GBP accounts of Exchange House.

(b) We confirm that the USD/ GBP accounts of Exchange Houses are conducted strictly in accordance with the guidelines issued by RBI and in terms of the relative agreements with the Exchange Houses concerned.

(c) Copy of the statement has been sent to the General Manager-in-Charge foreign correspondent relationship and Department/ Office-in-Charge- Nostro account of our bank.

(d) We confirm that we have not received any adverse report/ warning signals from the General Manager of our International Department about the Exchange House whose accounts are maintained by us at the time of filing the statement to RBI.

Chief Manager of Account
Maintaining Branch

Statement countersigned certifying that it has been internally reviewed in the bank and that the conduct is considered satisfactory.

General Manager-in-Charge of International
Division/International Operations in the AD Category-I

Part I: Annex XXIII

Statement E

Statement showing inflows of foreign currency through Exchange Houses during the quarter ended _______

(Amount in US Dollars)

Note:

(a) In column (5) to (8) inflows during the relevant quarter may be shown for the period beginning from the month of January each year. Just below these figures, please furnish in brackets data for the corresponding period of the previous year. The data in respect of Drawing Arrangements should cover inflow of funds both through RDA and Foreign Currency Drawing Arrangement.

(b) Foreign currency should be shown in US dollars only.

(c) Furnish amount (+) or (-) accompanied by an expression in percentage terms in column (9).

(d) This statement should be signed by Chief of International Banking Department / Division of the Bank at Head Office, but not less than the grade of a DGM.

(e) Please attach separate sheets furnishing details of deviations from the requirements as per declaration at Sr.no. (c), (f), (g), (h), (i) and (j) of Para 1 of SECTION III wherever necessary. Please also indicate the corrective action taken and the current status.

We hereby certify that

i) The above information has been compiled with reference to actuals and excludes the transactions in the pipeline.

ii) The number of branches covered has increased from _______to _______since the submission of the last statement in view of the following reasons: iii) The growth/ deceleration in the inflows of foreign currency is due to the following reasons:

iv) The outflows reported above are on account of _______________ and have the approval of RBI vide its letter No. ________________dated ________________.

v) The above accounts had all through credit balances during the quarter under report. vi) Funds in the accounts were sufficient to cover estimated pipeline transactions.

vii) Our overseas branches have not extended any line of credit / advances to above/ any of the above exchange houses

viii) We are regularly submitting the statements 'A', 'B', 'C', and 'D', as at Annex- II, Annex-III, Annex-IV and Annex-V, respectively to the top management.

ix) We have not come across any adverse features about operations in the account of the above / any of the above exchange houses and / or the Rupee and/ or Foreign Currency Drawing arrangement with these Exchange Houses:

x) We are keeping a close watch on the means and financial standing of the above exchange houses(s) and as on the date of this report we have no adverse observations on record with us to report to the Reserve Bank.

Part II: Liberalised Remittance Scheme

Resident individuals are permitted to make remittances up to USD 250,000 per financial year for any permitted current or capital account transactions or a combination of both as per the regulations prescribed under the Foreign Exchange Management (Current Account Transactions) Rules, 2000, as amended from time to time, and the Foreign Exchange Management Act, 1999 (FEMA) or the rules or regulations framed thereunder.

1. AD Category-I banks are required to furnish the transaction-wise information on a daily (T+1) basis i.e. by the close of business of the next working day, under LRS daily return on Centralised Information Management System (CIMS). In case no data is to be furnished, AD Category-I banks shall upload ‘Nil’ report.

AD banks may use the following purpose codes while reporting transactions under LRS:

2. Transactions relating to LRS are required to be reported in Foreign Exchange Transactions Electronic Reporting System (FETERS) to Department of Statistics and Information Management (DSIM) under respective FETERS purpose codes (e.g. travel, medical treatment, purchase of immovable property, studies abroad, maintenance of close relatives; etc.) instead of reporting collectively under the purpose code S0023. This would help AD banks in classification of transactions for similar activity under single purpose code.

Therefore, the purpose code S0023 may be read as ‘Opening of foreign currency account abroad with a bank.’

3. AD banks should continue to ensure that the data pertaining to LRS transactions reported by them in FETERS tallies with the data reported by them in CIMS.

Part III: Establishment of Branch Office (BO)/ Liaison Office (LO) / Project Office (PO)or any other place of business in India by foreign entities

Applications from foreign companies (a body corporate incorporated outside India, including a firm or other association of individuals) for establishing BO/ LO/ PO in India are considered by the AD Category-I bank as per the guidelines issued by Reserve Bank of India under the provisions of Foreign Exchange Management Act, 1999.

The reporting requirements are given below:

1. Annual Activity Certificate

i. The Annual Activity Certificate (AAC) (Annex I) as at the end of March 31 along with the audited financial statements including receipt and payment account are required to be submitted to the designated AD Category – I bank and a copy of the same to the Director General of Income Tax (International Taxation), Drum Shape Building, I.P. Estate, New Delhi 110002, by the BO/LO on or before September 30 of every year. In case the annual accounts of the BO/LO are finalized with reference to a date other than March 31, the AAC along with the audited financial statements may be submitted within six months from the due date of the Balance Sheet to the designated AD Category – I bank with a copy to the Director General of Income Tax (International Taxation), Drum Shape Building, I.P. Estate, New Delhi 110002.

The AAC is to be submitted by the:

a. BO/ LO concerned, in case of a sole BO/ LO;

b. Nodal office of the BOs/ LOs, in case of multiple BOs / LOs - a combined AAC in respect of all the offices in India.

ii. AAC from a Chartered Accountant showing the project status and certifying that the accounts of the project office have been audited and the activities undertaken are in conformity with the general/ specific permission given by Reserve Bank of India may be submitted by the PO to the designated AD Category-I bank.

2. AD Category-I bank shall send a consolidated list of all the BOs/LOs/ POs opened and closed by them during a month (as per Annex II), by the fifth of the succeeding month, to the General Manager, Reserve Bank of India, Central Office Cell, Foreign Exchange Department, Sansad Marg, New Delhi-110 001.

3. Entities from Bangladesh, Sri Lanka, Afghanistan, Iran, China, Hong Kong, Macau or Pakistan which are setting up a BO/LO/PO in India should register with the state police authorities and are required to submit an annual report (as per Annex III) within five working days of the BO/LO/PO becoming functional to the Director General of Police (DGP) of the state concerned in which the BO/LO/PO has established its office; If there is more than one office of such a foreign entity, a separate annual report is required to be submitted to each of the DGP concerned of the state where the office has been established.

Annex I

Annual Activity Certificate

To whomsoever it may concern

This is to certify and confirm that during the period from __________________ to ________________, the branch office/ liaison office/ project office with PAN No.(wherever applicable) ---------------------- of M/s__________________ (UIN-_______________ (wherever applicable) has/ have undertaken only those activities that have been specifically permitted by the Reserve Bank/ Authorised Dealer Category-I bank vide its approval letter/s No/s. ______________________________dated ______________and has/have complied with the terms and conditions specified in the above mentioned letter/s.

For Project Office only

2. Project status: ______________________________________________________

___________________________________________________________________

3. This is to certify that during the period from _______________ to ______________, no inter-project funds transfer has been carried out without prior approval of the Reserve Bank.

_____________________________
(Signature of the Statutory Auditor/s)

(Name of the Chartered Accountant)

ICAI Membership No.:

Address:

Place:
Date:

Annex II

Name of the AD bank: ________________________________

(a) Details of the BO/LO/PO opened during the month of __________

(b) Details of the BO/LO/PO closed during the month of ____________

Part III: Annex III

Format of Report to DG of Police

Part IV: Foreign Investment

A. Reports

Foreign Direct Investment (FDI) in India is undertaken in accordance with the Foreign Exchange Management (Non-Debt Instruments) Rules, 2019 dated October 17, 2019 issued by Department of Economic Affairs, Ministry of Finance, Government of India (hereinafter referred to as NDI Rules, 2019) and Foreign Exchange Management (Mode of Payment and reporting of Non-Debt Instruments) Regulations 2019 issued vide NotificationNo. FEMA 395/2019-RB dated October 17, 2019 (hereinafter referred to as FEMA 395). NDI Rules, 2019, amongst other things, prescribes the modes of investments i.e. issue or acquisition of equity instruments as defined thereunder and the conditions, such as entry routes, sectoral caps, pricing guidelines etc. that may be complied with. FEMA 395 prescribes the manner/ mode of receipt of funds and reporting of the investments made under NDI Rules, 2019.

All the reporting prescribed under this direction, except specifically stated otherwise, is required to be done through the Single Master Form (SMF) available on the FIRMS platform at https://firms.rbi.org.in.The user manual for reporting is available on the homepage of the FIRMS website as well as on the RBI website www.rbi.org.in.The format of the SMF and KYC report is available in the user manual.

For the purpose of reporting in the SMF, an Indian entity which has received foreign investment or indirect foreign investment or expects to receive it, is required to file an entity master on the FIRMS platform. The procedure for filing the entity master is provided in the user manual as hosted on the FIRMS website as well as, is available on the RBI website www.rbi.org.in.

The reporting formalities for foreign investment are given below:

1) Reporting for issue of capital instruments

a) Reporting inflows:

(i) The actual inflows on account of issue of equity instruments shall be reported by the AD branch in the R-returns in the normal course.

(ii) Omitted

(iii) Omitted

(v) Omitted

(vi) Omitted

b) Reporting of issue of equity instruments:

(i) Foreign Currency – Gross Provisional Return (FC- GPR):An Indian company issuing equity instruments to a person resident outside India, and where such issue is reckoned as Foreign Direct Investment under NDI Rules, 2019, shall report such issue in Form FC-GPR in the Single Master Form not later than thirty days from the date of issue of the equity instruments. Issue of ‘participating interest/ rights’ in oil fields shall be reported in Form FC-GPR.

(ii)The following cases / instances of issue of shares / equity instruments to persons resident outside India by an Indian company will require filing of Form FC-GPR, (a) bonus or rights shares directly or on amalgamation/ merger/ demerger with an existing Indian company (b) equity instruments on account of a cross border merger in terms of Notification 389/ 2018 dated March 20, 2018; (c) shares against any funds payable by the Indian company to the person resident outside India; (d) sweat equity shares and shares issued upon exercise of employees stock option in terms of NDI Rules, 2019; (e) Issue of shares on conversion of convertible notes. Omitted

(iii) Allotment of equity instruments under public issue or Qualified Institutional Placement (QIP) under the applicable SEBI Regulations need not be reported in Form FC-GPR

(iv) In case the Indian company issues equity instruments to a person resident outside India other than to the person resident outside India from who the inward remittance has been received, the form FC-GPR has to be filed along with the following documents:

(a) KYC reports of both the remitter and the beneficial owner.

(b) A no-objection certificate (NOC) from the remitter for issuing equity instruments to the beneficial owner mentioning their relationship.

(c) A letter from the beneficial owner explaining the reason for the remitter making remittance on its behalf.

(d) A copy of agreement / board resolution from the investee company for issuing equity instruments to a person other than from who the remittance has been received.

(v) Omitted

c) Annual Return on Foreign Liabilities and Assets:

An Indian company which has received FDI or an LLP which has received investment by way of capital contribution in the previous year(s) including the current year, shall submit form FLA to the Reserve Bank on or before the 15th day of July of each year.

Explanation: Year for this purpose shall be reckoned as April to March.

The FLA return can be filed through a web-portal interfacehttps://flair.rbi.org.in provided by

RBI to the reporting entities for submitting “User Registration Form”. The successful registration on web-portal will enable users to generate RBI-provided login-name and password for using FLA submission gateway and would include system-driven validation checks on submitted data. The User Manual and FAQs present on the web-portal can be used for further guidance to file the FLA return.

2) Reporting for Transfer of equity instruments

a) The actual inflows and outflows on account of transfer of shares shall be reported by the AD branch in the R-returns in the normal course.

b) Foreign Currency-Transfer of Shares (FC-TRS) :

1) Form FCTRS is required to be filed for transfer of equity instruments in accordance with NDI Rules, 2019, between:

(i) a person resident outside India holding equity instruments in an Indian company on a repatriable basis and person resident outside India holding equity instruments on a non-repatriable basis; and

(ii) a person resident outside India holding equity instruments in an Indian company on a repatriable basis and a person resident in India,

The onus of reporting is on the resident transferor/ transferee or the person resident outside India holding equity instruments on a non-repatriable basis, as the case may be.

2) Transfer of equity instruments in accordance with NDI Rules, 2019 between a person resident outside India holding equity instruments on a non-repatriable basis and person resident in India is not required to be reported in Form FC-TRS.

3) Transfer of equity instruments on a recognized stock exchange by a person resident outside India as prescribed under NDI Rules, 2019 has to be reported by such person in Form FC-TRS.

4) Transfer of equity instruments prescribed in Rule 9(6) of NDI Rules, 2019 viz., payment on deferred basis, shall be reported in Form FC-TRS to the AD bank on receipt of every tranche of payment. The onus of reporting shall be on the resident transferor/ transferee.

5) Transfer of ‘participating interest/ rights’ in oil fields shall be reported in Form FC-TRS.

6) Form FCTRS is required to be filed by the Indian company buying back shares in a scheme of merger/ de-merger/ amalgamation of Indian companies approved by NCLT/ competent authority.

7) The form FCTRS has to be filed with the AD bank within sixty days of transfer of equity instruments or receipt/ remittance of funds whichever is earlier.

c) Know Your Customer (KYC): The sale consideration in respect of equity instruments purchased by a person resident outside India, remitted into India through normal banking channels, is subject to a KYC check by the remittance receiving AD bank at the time of receipt of funds. In case, the remittance receiving AD bank is different from the AD bank handling the transfer transaction, the KYC check shall be carried out by the remittance receiving AD bank and the KYC report be submitted by the transferor/transferee to the AD bank carrying out the transaction along with the Form FC-TRS.

d) In case the foreign remitter and the beneficial owner are different, the conditions (a) to (c) laid down at Para A (1)(b)(iv) of this part shall apply mutatis-mutandis.

e) Omitted

3) Omitted

4) Reporting of conversion of ECB into equity

Details of issue of shares against conversion of ECB have to be reported to the Regional Office concerned of the Reserve Bank, as indicated below:

(i) In case of full conversion of ECB into equity, the company shall report the conversion in Form FC-GPR as well as in Form ECB-2 (Part V: Annex III) to the Department of Statistics and Information Management (DSIM), Reserve Bank of India, Bandra Kurla Complex, Mumbai – 400 051, Contact numbers 022-26572513 and 022- 26573612, within seven working days from the close of month to which it relates. The words "ECB wholly converted to equity" shall be clearly indicated on top of the Form ECB-2. Once reported, filing of Form ECB-2 in the subsequent months is not necessary.

(ii) In case of partial conversion of ECB, the company is required to report the converted portion in Form FC-GPR as well as in Form ECB-2 clearly differentiating the converted portion from the non-converted portion. The words "ECB partially converted to equity" shall be indicated on top of the Form ECB-2. In the subsequent months, the outstanding balance of ECB shall be reported in Form ECB-2 to DSIM.

5) Reporting of ESOPs and sweat equity shares

An Indian company issuing employees’ stock option (ESOP) to persons resident outside India who are its employees/ directors or employees/ directors of its holding company/ joint venture/ wholly owned overseas subsidiary/ subsidiaries shall file Form ESOP within 30 days from the date of issue of ESOPs.

6) Reporting of ADR/GDR Issues – Form DRR

The domestic custodian shall report the issue/ transfer of sponsored/ unsponsored depository receipts as per DR Scheme 2014 in Form DRR within 30 days of close of the issue/ program.

7) Reporting requirements of Limited Liability Partnerships

a) Form FDI- LLP (I): A Limited Liability Partnerships (LLPs) receiving amount of consideration for capital contribution and acquisition of profit shares is required to submit a report in Form Foreign Direct Investment-LLP (I) within 30 days from the date of receipt of the amount of consideration. The form shall be accompanied by:

(i) copy/ies of the FIRC/s evidencing the receipt of the remittance

(ii) a KYC report in respect of the foreign investor in the format specified in.

Omitted

b) Form FDI- LLP (II): The LLPs shall report disinvestment/ transfer of capital contribution or profit share between a resident and a non-resident (or vice versa) within 60 days from the date of receipt of funds in Form Foreign Direct Investment-LLP(II). The onus of reporting shall be on the resident transferor / transferee.

8) Reporting of issue or transfer of Convertible Notes – Form CN

a) A start-up company issuing Convertible Notes (CNs) to a person resident outside India shall file Form CN within 30 days of issue.

b) Omitted and taken to FCGPR.

c) Transfer of Convertible Notes of a start-up company by way of sale between a person resident in India and a person resident outside India shall be reported by the transferor/transferee, resident in India, in Form CN within 30 days of such transfer. d) The AD bank shall ensure due diligence with regards to KYC of the foreign investor/ buyer.

9) Reporting of foreign portfolio investment

9.1 Investment other than by NRIs/ OCIs

a) Reporting Form LEC(FII): The AD banks have to ensure that the FPIs registered with SEBI who are investing under Schedule II to NDI Rules, 2019 and all investment (other than that made by NRIs/ OCIs) which is considered as Foreign Portfolio Investment within the meaning of Rule 2(t) of NDI Rules, 2019 is reported in Form LEC(FII) on a daily basis. It would be the bank’s responsibility to ensure that the data submitted to Reserve Bank is reconciled by periodically taking a FPI holding report for their bank.

b) The Indian company which has issued equity instruments to FPIs which is considered as FDI within the meaning of Rule 2(r) of NDI Rules, 2019 shall be reported in Form-FCGPR.

9.2 Investment by NRIs/ OCI

The designated link office of the AD bank shall furnish to the Reserve Bank, a report in LEC(NRI) on a daily basis, for their entire bank, investments made by NRIs/ OCIs under Schedule III to NDI Rules, 2019 which is considered as Foreign Portfolio Investment within the meaning of Rule 2(t) of NDI, 2019 Rules. It would be the bank’s responsibility to ensure that the data submitted to Reserve Bank is reconciled by periodically taking a NRI holding report for their bank. Omitted

10) Downstream Investment:

Form DI: An Indian entity or an investment vehicle making downstream investment in another Indian entity which is considered as indirect foreign investment shall file Form DI with the Reserve Bank within 30 days from the date of allotment of equity instruments.

11) Investment by Foreign Venture Capital Investor (FVCI)

Investment in equity instruments by FVCIs in terms of Schedule VII to NDI Rules, 2019 is required to be reported in Form FC-GPR and transfer of capital instruments between an FVCI and a person resident in India in terms of the Schedule, ibid, is required to be filed in Form FC-TRS. Since pricing guidelines are not applicable for Schedule VII investments, valuation certificate need not be insisted upon.

12) Investment by persons resident outside India in units of an Investment Vehicle

An Investment vehicle which has issued its units to a person resident outside India in terms of Schedule VIII of NDI Rules, 2019 shall file Form In VI within 30 days from the date of issue of units.

Omitted

Part V: External Commercial Borrowing (ECB)

Indian companies are allowed to access funds from abroad in the following methods:

(i) External Commercial Borrowings (ECB)

(ii) Foreign Currency Convertible Bonds (FCCBs)

(iii) Preference shares

(iv) Foreign Currency Exchangeable Bonds (FCEBs)

ECB can be accessed under two routes, viz., (i) Automatic Route outlined in paragraph and (ii) Approval Route.

The reporting requirements are given below:

1) Application for raising ECB under the Approval Route and for allotment of Loan Registration Number (LRN) for ECB - Form ECB (Annex I)

2) Reporting of actual transactions of ECB - ECB 2 Return (Annex II)

3) Form for reporting of details of Trade Credit – Form TC (Annex III)

4) Statement on Guarantee/ Letter of Undertaking/ Letter of Comfort issued by AD banks in respect of Trade Credit (Annex IV)

Part V: Annex I

Form ECB
(Application and Reporting of loan agreement details under Foreign Exchange Management Act, 1999)

1. All dates should be in the format YYYY/MM/DD (e.g., 2012/01/21 for January 21, 2012).

2. No item should be left blank. In case, any item is not applicable, write ‘N.A.’ against it.

3. If space is not sufficient for giving full details against any item, separate sheet(s) may be attached to the Form and serially numbered as Annex. Each such Annex should be certified by both the borrower and AD.

4. The borrower should give a brief description of his business activity (whether in manufacturing/ trade/ provide services etc.) for the AD’s use.

5. Before forwarding the Form to the Reserve Bank of India, AD must ensure that the form is complete in all respects and scrutinise all the related original documents at its end. Incomplete Forms are liable to be rejected/returned by RBI to AD.

6. Following codes are for use in filling Part C of the Form:

7. To be submitted in duplicate by the borrower to designated Authorised Dealer (AD) for all categories and any amount of external commercial borrowing (ECB). After examining conformity with the extant ECB guidelines, the AD may provide requisite details in the Summary Sheet of the Form and forward one copy (within 7 days from the date of signing loan agreement between borrower and lender) for allotment of Loan Registration Number (LRN) to:

The Director
External Commercial Borrowings Division
Department of Statistics and Information Management (DSIM)
Reserve Bank of India
C-9 Bandra-Kurla Complex
Mumbai – 400 051

We hereby certify that the particulars given above are true and correct to the best of our knowledge and belief and no material information has been withheld and/or misrepresented. Furthermore, the ECB is in compliance with the extant ECB guidelines and the ECB to be raised will be utilised for permitted purposes.

Place:

(Signature  of  the  Authorised  Official  of  the  Company with stamp)

Date:                                                             Name:                                              Designation:                                                   Phone No.                                       
Fax:                                                               E-mail                                              

Summary Sheet (SS) for Form ECB
We have scrutinized the related documents and confirm the following:

Place:                                                             (Signature of Company Secretary/Chartered
Accountant with stamp)

Date:                                                             Name:                                                               
Registration No.                                                

We certify that the borrower is our customer and the particulars given in this Form are true and correct  to  the  best  of  our  knowledge  and  belief.  We  have  scrutinized  the  application  and  the original letter of offer from the lender/supplier and documents relating to proposed borrowing and found the same to be in order. This application complies with the extant ECB guidelines and we recommend it for allotment of Loan Registration Number (LRN) by RBI.

For RBI (DSIM) Use only

Part V: Annex II

Form ECB 2

Reporting of actual transactions of External Commercial Borrowings (ECB) under Foreign Exchange Management Act, 1999 (for all categories and any amount of loan) Return for the Month ended of .

1. This return should be filled in for all categories of ECB. It should be submitted within 7 working days from the close of the month through the designated Authorised Dealer to the Director, Department of Statistics and Information Management (DSIM), External Commercial Borrowings Division, Reserve Bank of India, C-9, Bandra-Kurla Complex, Bandra (East), Mumbai-400 051. If there is no transaction during a particular period, a Nil Return should be submitted.

2. Please do not leave any column blank. Furnish complete particulars against each item. In case an item is not applicable, write “N.A.” against it.

3. All dates should be in format YYYY/MM/DD (e.g., 2012/01/21 for January 21, 2012).

4. Borrowers obtaining sub-loans through DFIs/Banks/NBFCs etc. should not complete this form as the concerned financial institution would directly submit Form ECB-2.

5. The Company Secretary / Chartered Accountant must scrutinise related original documents and ensure that the return is complete and in order as per ECB guidelines issued by Government/RBI, before forwarding it to RBI.

6. Loan Registration Number should be specified for all the loans approved after February 01, 2004. For earlier loans, Loan Identification Number (LIN) / Registration Number allotted by RBI should be specified.

7. If space is not sufficient for giving full information against any item, a separate sheet may be attached to the return and serially numbered as Annex.

8. Following purpose codes for use in Part C (Utilisation).

9. Following codes for use in Part D (Debt Servicing) for source of remittance:

B.1: Draw-down (Disbursement) during the month (in loan currency):

B.2: Balance amount of loan to be drawn in future:

C.1: Details of utilisation of drawdowns (only Principal amount) during the month:

C.2: Outstanding Balance amount (principal only) as at month-end:

Part D : Debt Servicing

D.1: Principal Repayment, Interest payment etc. during the month (in loan currency):

D.2: Revised Principal Repayment Schedule (if revised / entered into Interest rate swap):

Part E : Others

E.1 Hedging details:

*as on the last date of the reporting month

E.2 Foreign exchange earnings and expenditure, if any, for the last three financial years (only corresponding to same currency of ECB):

**Earnings before Interest and Depreciation (EBID), as defined table above = Profit After Tax + Depreciation + Interest on debt + Lease Rentals, if any.

Part F: Outstanding Principal Amount

Outstanding loan Amount (in Loan Currency):

(i.e., total drawdown less total repayments at month-end)

Currency __________________________  Amount:               _____________________________

We hereby certify that the particulars given above are true and correct to the best of our knowledge and belief. No material information has been withheld and / or misrepresented.

Place:___________ ___________________________________

Signature of Authorised Official of borrowing company (with stamp)

Date:____________ Name: ______________________________

Designation: _________________________

Telephone No.: _______________________

Summary Sheet (SS 2) for Form ECB 2

Loan Registration Number (LRN) : _________________________

Certificate from Company Secretary / Chartered Accountant

We hereby certify that the ECB availed vide LRN _____________ in terms of approval granted by Government or RBI or under approval route / automatic route is duly accounted in the books of accounts. Further, ECB proceeds have been utilised by the borrower for the purpose of ______________________________________________during month ended ____________. We have verified all the related documents and records connected with the utilisation of ECB proceeds and found these to be in order and in accordance with the terms and conditions of the loan agreement and with the approval granted by GoI (MoF) or RBI or under approval route / automatic route and is in conformity with the applicable ECB Guidelines.

Authorised Signatory
Name & Address
Registration No.
[Stamp]

Place:
Date:

_________________________________________________________________

Certificate by an Authorised Dealer

We hereby certify that the information furnished with regard to debt servicing, outstanding and repayment schedule for LRN ____________ for month ended ____________ is true and correct as per our record. The drawal, utilisation and repayment of the ECB have been scrutinised and it is certified that such drawal, utilisation and repayments of ECB are in compliance with ECB guidelines

Part V: Annex III

(Annex to A.P. (DIR Series) Circular No. 87 dated April 17, 2004)

Form Trade Credit (TC)