'File 9/37 Foreign exchange' [‎6r] (11/252)

The Manager, The Manager,
Imperial Bank of Iran, Eastern Bank, Ltd.,
Bahrain/Kuwait. Bahrain.
(Thro’ the Eastern Bank Ltd.,
Bombay).
Dear Sir,
in supersession of our instructions covering the sales
of foreign exchange against imports into Muscat, Kuwait,
Bahrain/ Dubai, Pasni, Gwadur and Jiwani, the following fresh
instructions are being issued to enable banks to accord greater
facilities to merchants to import goods from countries outside
the sterling area.
2. Imports from the Sterling Area .
There are no restrictions on the import o$" goods of
sterling area origin into any of the Persian Gulf The historical term used to describe the body of water between the Arabian Peninsula and Iran. ports and
remittances in sterling or in rupees Indian silver coin also widely used in the Persian Gulf. may be made to che sterling
area country concerned or any other sterling area country freely
provided payment in to a resident account, without uny recom
mendation of the Political Agents or the permission of the
Reserve Bank of India. Details of sales of sterling or rupees Indian silver coin also widely used in the Persian Gulf.
for this purpose need not be reported to the Reserve Bank of
India.
3• Imports from
Belgium, Belgian Congo .
China
Czechoslovakia
Denmark
France and French Empire
Greece
Italy
Netherlands
Netherlands East Indies
Poland
Spain, and
Yugoslavia.
Although these countries are outside the sterling urea,
exchange control regulations have been relaxed to permit banks
to make remittances or open letters of credit covering imports
from any of these countries into the Persian Gull ports men
tioned in para 1 without either the recommendation of the
political Agent A mid-ranking political representative (equivalent to a Consul) from the diplomatic corps of the Government of India or one of its subordinate provincial governments, in charge of a Political Agency. or the approval of the Reserve Bank of India.
The conditions under which sales or transfers in sterling may
be made are those laid down in section IX of ohe exchange oon-
trol Manual. All sales of foreign currency and transfers to
sterling, must be made on Forms A and 3.A.1 and reported to tne
Reserve Bank on form B.l.
4 .
Imports from countries outside the sterling
area other t nan those menti o ned in _pa rJ3.
No letters of credit may be opened or sales oi foreign
exchange or transfer^ of sterling or rupees Indian silver coin also widely used in the Persian Gulf. to non-residents
be made against imports from countries outside the sterling
area, other than those mentioned in para 3, except on the .
recommendation of the political Agent A mid-ranking political representative (equivalent to a Consul) from the diplomatic corps of the Government of India or one of its subordinate provincial governments, in charge of a Political Agency. , importers should be
directed to apply to the political Agent A mid-ranking political representative (equivalent to a Consul) from the diplomatic corps of the Government of India or one of its subordinate provincial governments, in charge of a Political Agency. for ( the necessary
recommendation either direct or through a bank. In the case
of applications through banks the latter should satisfy them
/selves...