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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Indian Banks Can Now Open FCNR(B) Accounts in Any Freely Convertible Currency Under New Guidelines.</h1> The circular informs authorized banks about the liberalization of the Foreign Currency (Non-Resident) Account (Banks) Scheme [FCNR(B)]. Previously, FCNR(B) accounts could only be opened in specific currencies designated by the Reserve Bank, such as Pound Sterling, US Dollar, Japanese Yen, Euro, Canadian Dollar, and Australian Dollar. Following a review, banks in India are now permitted to accept FCNR(B) deposits in any freely convertible currency. The circular emphasizes that a 'permitted currency' is defined as a foreign currency that is freely convertible, as per the Foreign Exchange Management Act regulations. Banks are instructed to inform their account holders of this update.
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