MTSS - Appointment as Agents/Sub-agents - UCBs - ఆర్బిఐ - Reserve Bank of India
MTSS - Appointment as Agents/Sub-agents - UCBs
RBI/2007-2008/97 July 17, 2007 The Chief Executive Officers of Appointment of UCBs as agents / (ii) The principal should maintain foreign currency deposits (USD) with the designated bank in favour of the agent which, at present, is equivalent to 3 days’ average payout or USD 50, 000 , whichever is higher. (iii) Where the UCB is acting as a sub-agent, the agent should also maintain with the designated bank, security deposits equivalent to 3 days’ average payout or Rs 20.00 lakh, whichever is higher, in favour of the UCB sub-agents concerned. (iv) The UCBs should ensure that the payouts not reimbursed do not, at any point of time, exceed the security deposits placed by the overseas principal /agent, as the case may be. (v) No UCB should appoint any other UCB/entity as its sub-agent. Yours faithfully, |