Permitted currency expansion: FCNR(B) deposits may be accepted in any freely convertible foreign currency under FEMA regulations. Authorised Dealer banks may accept FCNR(B) deposits in any permitted currency, meaning a foreign currency that is freely convertible under FEMA regulations; banks should notify account holders of this liberalisation, which is issued under the Foreign Exchange Management Act and without prejudice to other statutory permissions.
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.
Permitted currency expansion: FCNR(B) deposits may be accepted in any freely convertible foreign currency under FEMA regulations.
Authorised Dealer banks may accept FCNR(B) deposits in any permitted currency, meaning a foreign currency that is freely convertible under FEMA regulations; banks should notify account holders of this liberalisation, which is issued under the Foreign Exchange Management Act and without prejudice to other statutory permissions.
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