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FOREIGN CURRENCY (NON-RESIDENT) ACCOUNT (BANKS) SCHEME FCNR (B) Account

SCHEDULE 2 - Regulation - FEMA - SCHEDULE 2 - SCHEDULE 2 [See Regulation 5(1) (ii)] FOREIGN CURRENCY (NON-RESIDENT) ACCOUNT (BANKS) SCHEME - FCNR (B) Account 1. Eligibility: (a) NRIs and PIOs are eligible to open and maintain these accounts with an authorised dealer. (b) These accounts may be opened with funds remitted from outside India through banking channels or funds received in rupees by debit to the account of a non-resident bank maintained with an authorised dealer in India or funds which .....

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he account of a non-resident bank), it should be converted into the latter currency by the authorised dealer at the risk and cost of the remitter and account should be opened/ credited in only the designated currency. (d) In case the depositor with any currency other than designated currency desires to place a deposit in these accounts, authorised dealers may undertake with the depositor a fully covered swap in that currency against the desired designated currency. Such a swap may also be done b .....

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by the Reserve Bank from time to time. 5. Permissible Debits/ Credits: All debits/ credits permissible in respect of NRE accounts as specified in Schedule 1 shall be permissible in respect of these accounts also. 6. Rate for Conversion of Rupees into Designated Currencies and vice versa: i) Remittances received in Indian rupees for opening these accounts shall be converted by the authorised dealer into the designated foreign currency at the clean T.T. selling rate for that currency ruling on the .....

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thorised dealer receiving foreign currency remittances in these accounts will also, on request, pass on the foreign currency to another authorised dealer if the account has to be opened with the latter, at no extra cost to the remitter. 8. Manner of Payment of Interest: (i) Interest on balances held in these accounts may be paid half-yearly or on an annual basis as desired by the depositor. (ii) Interest may be credited to a new FCNR (B) account or an existing/ new NRE/ NRO account in the name o .....

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