Foreign Currency Non Resident Account rules permit term deposits in designated currencies with prescribed remittance, conversion, and repatriation conditions. The FCNR(B) Scheme allows non-resident Indians to hold term foreign currency deposits with authorised dealers in designated currencies, funded by permitted remittances or transfers from NRE/FCNR accounts. Deposits must be in the designated currency or converted at the remitter's cost; fully covered swaps may be used. Interest, maturities, permissible debits/credits, and loans against deposits follow Reserve Bank directives and NRE-account rules. Repatriation is allowed free of inland exchange, authorised dealers must facilitate transfers between dealers, and transactions are reportable to the Reserve Bank.
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.
Foreign Currency Non Resident Account rules permit term deposits in designated currencies with prescribed remittance, conversion, and repatriation conditions.
The FCNR(B) Scheme allows non-resident Indians to hold term foreign currency deposits with authorised dealers in designated currencies, funded by permitted remittances or transfers from NRE/FCNR accounts. Deposits must be in the designated currency or converted at the remitter's cost; fully covered swaps may be used. Interest, maturities, permissible debits/credits, and loans against deposits follow Reserve Bank directives and NRE-account rules. Repatriation is allowed free of inland exchange, authorised dealers must facilitate transfers between dealers, and transactions are reportable to the Reserve Bank.
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