TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Circulars
of of All Circulars
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>RBI Mandates Conversion of Inoperative Foreign Currency Deposits to Rupees After Three Years Under FEMA Guidelines.</h1> The Reserve Bank of India (RBI) has issued regulations under the Foreign Exchange Management Act, 1999, concerning inoperative foreign currency deposits. According to the guidelines, authorized banks must convert credit balances in inoperative foreign currency deposits into Indian Rupees if they remain inactive for three years. For deposits with a fixed maturity, conversion occurs at the end of the third year post-maturity. For deposits without a fixed maturity, conversion follows a three-month notice period. Depositors can claim the Indian Rupee proceeds or their foreign currency equivalent. These measures align with the RBI's Depositor Education and Awareness Fund Scheme, 2014.
TaxTMI 
TaxTMI 
