DBOD.No. BC.48/08.95.004/98
May 30, 1998
Jyestha 10, 1920 (Saka)
The Chairman and Chief Executive
Officer/Managing Director of all Private Sector Banks
Dear Sir,
Official Visits abroad by Chairman and Chief Executive Officer
Please refer to our Circular No.
435/08.95.004-92 dated 31 October 1992 in terms of which the Chairman and
Chief Executive Officer and other executives of Indian private sector banks
could undertake visits abroad for business purposes like holding discussions
with correspondents, participating in seminars etc., with the approval of
their Board of Directors, for a period not exceeding 10 to 12 days. It was
also advised that the banks should send to this Department a synopsis containing
the salient features of the visit and the details regarding specific follow
up measures, initiated by it, in pursuance to the visit undertaken.
2. We have since reviewed the
matter and it has been decided that the banks need not henceforth submit reports
on overseas visits undertaken by the Chairman and Chief Executive Officer/other
executives.
3. It is further advised that
banks need not also seek our prior approval under Section 10B(9) of the B.R.
Act, 1949 for substitute arrangements made in the absence of the Chief Executive
Officer/Managing Director while he is on official tour. The visits and substitute
arrangements made should, however, be with the prior approval of the Board
of Directors of the bank. The concerned Regional Office of RBI may be kept
informed of the visit and substitute arrangements made.
4. As regards release of exchange
for such visits banks may be guided by the provisions of Chapter 8 of the
Exchange Control Manual 1993.
Yours faithfully,
(Smt. Chitra Chandramouliswaran)
General Manager