RBI/2004/96
A.P.(DIR Series) Circular No.78
March 13, 2004
To
All Authorised Dealers in Foreign Exchange
Dear Sirs/Madam,
Foreign Inward Remittance Payment System (FIRPS) Instrument
– Withdrawal of
Attention of Authorised Dealers is invited to Annexure
V to A.D. (M.A. Series) Circular No.11 dated May 16, 2000. It is indicated
thereat that pending issue of further directions, Authorised Dealers are to
be guided by the provisions of para 3A.5 of the Exchange Control Manual regarding
Foreign Inward Remittance Payment System (FIRPS).
2. The relevance of the FIRP system has been reviewed in consultation
with FEDAI and it has been decided to withdraw the FIRPS instrument as it is
no longer used by banks in the wake of electronic credits and online transfer
of funds.
3. Authorised Dealers may bring the contents of this circular
to the notice of their constituents concerned.
4. The directions contained in this circular have been issued
under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999
(42 of 1999).