RBI permits remittance to the PM-CARES Fund

Apr 09, 2020 | by Avantis RegTech Legal Research Team

Finance & Taxation Compliance

The Reserve Bank of India (RBI) on April 03, 2020, has decided to permit the receipt of foreign inward remittances from non-residents through non-resident exchange houses in favour of the Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM-CARES) Fund, under Paragraph 4 of the Master Direction – Opening and Maintenance of Rupee/Foreign Currency Vostro Accounts of Non-resident Exchange Houses issued dated January 01, 2016, regarding permitted transactions under the Rupee Drawing Arrangement (RDA) channel, due to the outbreak of the novel coronavirus (COVID-19) pandemic. Provided that AD Category-I banks shall directly credit the remittances to the Fund and maintain the full details of the remitters.

[RBI Notification No. A. P. (DIR Series) Circular No. 28]


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