Remittance of FCNR(B) funds: A2 form and physical presence are not required; banks should use technology to verify transactions. A2 form filing is not required for remittance of funds from closure of FCNR (B) deposits because A2 applies to purchase of foreign exchange using rupee funds. Banks must not insist on the account holder's physical presence and should use technological alternatives to verify bonafides and ensure hassle free remittance. Authorised Dealer Category I banks must notify their constituents. Directions issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999, without prejudice to other legal 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.
Remittance of FCNR(B) funds: A2 form and physical presence are not required; banks should use technology to verify transactions.
A2 form filing is not required for remittance of funds from closure of FCNR (B) deposits because A2 applies to purchase of foreign exchange using rupee funds. Banks must not insist on the account holder's physical presence and should use technological alternatives to verify bonafides and ensure hassle free remittance. Authorised Dealer Category I banks must notify their constituents. Directions issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999, without prejudice to other legal permissions.
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