RULE 1–Hours of Business
The hours during which foreign exchange business will be
conducted by banks at various centers in India will be normal banking hours of
the banks (Authorised Dealers) at the respective centers.
On Saturday, however, no commercial transactions in foreign currencies will be
conducted by banks with the exception of the following:
- transactions relating to purchase/ sale of travelers cheques and currency
notes;
- transactions in regard to which the exchange rates may have been settled by
prior engagement (like delivery of export bills/ retirement of import bills
under forward exchange contracts) or will be fixed by subsequent negotiations
(like business handled on a provisional basis at bank’s own discretion);
- transactions relating to drawings under travelers letters of credit and any
remittances payable to bonafide travelers or tourists.