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Reserve Bank of India
Exchange Control Department
Central Office
Mumbai-400 001
March 1, 2002
A.P. (DIR Series) Circular No.25
To
All Authorised Dealers in Foreign Exchange
Madam / Sirs,
Setting up of Chairs in Educational Institutions Outside India
We have been receiving requests from Indian corporates to donate funds
from their foreign exchange earnings to worthy causes like setting up of chairs in educational
institutions and other welfare activities. It has been decided to allow Indian corporates with
proven track record to contribute funds from their foreign exchange earnings for setting
up chairs in educational institutions outside India and similar such purposes. Such cases will
be considered by Reserve Bank on case-to-case basis. Authorised dealers may forward all such
applications to the Chief General Manager, Reserve Bank of India, Central Office, Exchange
Control Department, External Payments Division, Central Office Building, Mumbai-400 001, together
with (a) details of their foreign exchange earning during the last 3 years, (b) brief background
of the company’s activities, and (c) details of the chair proposed to be set up in the
educational institution (d) likely benefits to the corporate.
2. Authorised dealers may bring the contents of this circular to the notice
of their constituents concerned.
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 |