UNDERTAKING ON CREDIT POLICY

I confirm my understanding on following points and undertake to follow all credit

policy guidelines of the organization:
 I fully understand that Cheque is equal to credit and all credit guidelines are
applicable to sale against cheque also.
 I shall not release foreign exchange without cheque getting cleared and
credited into our bank account.
 I shall not extend any credit to individuals / casual customers nor release
exchange to them without getting credit into our bank account.
 I shall not initiate credit request to high risk category customers like Real
Estate, NGO, event management, film production, travel agency etc.
 I am fully aware that if I extend credit to any customer or release foreign
exchange without realization of cheque, I am putting my organization to
unnecessary risk. If such cheque bounces or money is not received in my
company’s bank account, I will have to personally reimburse the organization
with interest.

 I shall not instruct or force any of RRSB Forex employees to violate policy. I
shall not put organisation’s money at risk by instructing any other employee
to release foreign exchange without funds getting credited into our bank
account.

 I fully understand that even if transaction is referred by existing customer /

corporate, the same policy applies. I undertake to release foreign exchange
only after money is credited into our bank account.
 I undertake to fully compensate and personally reimburse the organization
with 4% monthly interest if I release exchange without money getting
credited into our account.
Contd…………..2
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 I undertake to obtain prior approval from credit controller / chief accountant
if a corporate customer with good financial condition request for the same
and the corporate also provides audited financials and credit request form. I
know that credit controller can refuse request of credit in spite of financial
statements from the corporate and personal undertaking from me.

 I understand that only credit controller or chief accountant of my

organization is authorized to approve credit in exceptional cases and no other
officer / authority can approve credit to corporate customers.

 I undertake to apply for credit approval in above mentioned cases before any
transaction can be undertaken and not after transaction is done.
 I undertake to follow all RBI / FEMA/ income tax / statutory guidelines while
undertaking foreign exchange sale or purchase transactions.
 I being cashier / accountant of the branch understand that I have reporting to
central accounts / chief accountant. If I am being asked / forced to deviate
from above credit related guidelines, I shall report the matter immediately to
my reporting authority in writing as well as over phone. (clause applicable
only to cashiers / accountants)

Employee Signature:
Employee Name:
Location:
Date: