RBI in its ciircular dated 14.5.2015 clarified that A2 form is to be filed at the time of purchase of foreign exchange using rupee funds and hence is not applicable while remitting FCNR (B) funds. The regulator mentioned that Authorised Dealer banks are insisting on different requirements at the time of closure of FCNR (B) deposits and subsequent remittance of funds as under:
Submission of A2 form,Insisting on physical presence of the account holder,Asking for purpose of remittance
In order to ensure hassle free remittance of funds to the account holder,Bankers are advised to devise better alternatives/methods with the help of technology, for ensuring bonafides of the transaction rather than insisting on physical presence of the account holder.
This article explains the assumptions and key aspects of approaches to capital structuring, including the…
A company's capital structure is influenced by various factors, including its size, profitability, growth prospects,…
Leverage and gearing are financial terms that refer to the use of debt by a…
Capital structure is the combination of debt and equity used by a company to finance…
The foreign exchange market, or Forex Market (FX market), is a global decentralized over-the-counter (OTC)…
A currency forward contract is a customized, written contract between two parties that sets a…