FCNR(B) foreign currency term deposits enable NRIs/PIOs to hold repatriable fixed term accounts with prescribed conversion and interest rules. The FCNR (B) Scheme permits NRIs and PIOs to open term foreign-currency deposit accounts with authorised dealers in designated currencies, funded via permitted remittance channels or transfers from specified non-resident accounts; non-designated currency remittances must be converted by the dealer at the remitter's cost or via fully covered swaps. Deposits follow RBI-prescribed maturities and interest directives, conversion to/from rupees uses the dealer's clean T.T. rates on the date of conversion, interest payment and crediting options are provided, and NRE account operational provisions apply mutatis mutandis where specified.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
FCNR(B) foreign currency term deposits enable NRIs/PIOs to hold repatriable fixed term accounts with prescribed conversion and interest rules.
The FCNR (B) Scheme permits NRIs and PIOs to open term foreign-currency deposit accounts with authorised dealers in designated currencies, funded via permitted remittance channels or transfers from specified non-resident accounts; non-designated currency remittances must be converted by the dealer at the remitter's cost or via fully covered swaps. Deposits follow RBI-prescribed maturities and interest directives, conversion to/from rupees uses the dealer's clean T.T. rates on the date of conversion, interest payment and crediting options are provided, and NRE account operational provisions apply mutatis mutandis where specified.
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