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of <h1>Foreign Currency Deposit Rules Clarify Dormant Accounts, Establish Crystallization Process for Inactive Funds Under FEMA</h1> The Reserve Bank of India issued regulations under the Foreign Exchange Management Act to address inoperative foreign currency deposits. The regulations, titled Foreign Exchange Management (Crystallization of Inoperative Foreign Currency Deposits) Regulations, 2014, were established on March 21, 2014, and came into effect upon publication in the Official Gazette, deriving authority from specific sections of the Foreign Exchange Management Act.
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