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of <h1>RBI Updates Guidelines on FCNR(B) Deposits for Loans to Exporters and Corporates with Natural Hedge Under FEMA 1999.</h1> Authorized Dealer Category - I banks are reminded of the provisions in Circular No. 92 regarding the deployment of foreign currency funds for loans to residents. The Reserve Bank of India has reviewed the interest rate and usage of FCNR(B) deposits, allowing these funds to be used for loans addressing foreign exchange needs or rupee working capital/capital expenditure for exporters or corporates with a natural hedge or risk management policy. These activities must comply with existing prudential norms and guidelines. Banks are instructed to inform their constituents, and the directions are issued under the Foreign Exchange Management Act 1999.
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