Crystallisation of foreign currency deposits: bank converts inoperative accounts to Indian Rupee; depositor may claim Rupee proceeds or foreign currency equivalent. For fixed-maturity foreign currency deposits remaining inoperative for the prescribed period, the authorised bank converts the balance into Indian Rupee at the prevailing exchange rate on conversion; the depositor may claim either the Rupee proceeds with interest or the foreign currency equivalent of those Rupee proceeds and interest at the payment-date rate. For non-maturing foreign currency deposits remaining inoperative for the prescribed period (excluding bank charge debits as operations), the authorised bank, after issuing a notice to the depositor and upon expiry of the notice period, converts the deposit into Indian Rupee at the prevailing rate, with the same claimant entitlements.
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Provisions expressly mentioned in the judgment/order text.
Crystallisation of foreign currency deposits: bank converts inoperative accounts to Indian Rupee; depositor may claim Rupee proceeds or foreign currency equivalent.
For fixed-maturity foreign currency deposits remaining inoperative for the prescribed period, the authorised bank converts the balance into Indian Rupee at the prevailing exchange rate on conversion; the depositor may claim either the Rupee proceeds with interest or the foreign currency equivalent of those Rupee proceeds and interest at the payment-date rate. For non-maturing foreign currency deposits remaining inoperative for the prescribed period (excluding bank charge debits as operations), the authorised bank, after issuing a notice to the depositor and upon expiry of the notice period, converts the deposit into Indian Rupee at the prevailing rate, with the same claimant entitlements.
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