Crystallization of inoperative foreign currency deposits mandates conversion to Indian Rupee after inactivity; depositor may claim rupee proceeds or equivalent. Authorised dealers must convert inoperative foreign currency deposits into Indian Rupee at the prevailing exchange rate after the prescribed inactivity period. For fixed maturity deposits the conversion occurs at the end of the inactivity period following maturity; for non maturing deposits conversion follows a prior notice to the depositor and excludes debits for bank charges as operations. Depositors may claim either the Indian Rupee proceeds with interest or the foreign currency equivalent calculated at the rate prevailing on the date of payment.
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.
Crystallization of inoperative foreign currency deposits mandates conversion to Indian Rupee after inactivity; depositor may claim rupee proceeds or equivalent.
Authorised dealers must convert inoperative foreign currency deposits into Indian Rupee at the prevailing exchange rate after the prescribed inactivity period. For fixed maturity deposits the conversion occurs at the end of the inactivity period following maturity; for non maturing deposits conversion follows a prior notice to the depositor and excludes debits for bank charges as operations. Depositors may claim either the Indian Rupee proceeds with interest or the foreign currency equivalent calculated at the rate prevailing on the date of payment.
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