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          FEMA

          What are the pre-conditions for the FCNR (B) deposits mobilised by a bank for being eligible to be swapped with RBI under the swap window?

          Swap Window for attracting FCNR (B) Dollar funds - As on Sep 18, 2013

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          FCNR(B) swap eligibility requires fresh deposits in permitted currencies with three-year maturity and one-year lock-in. Only fresh FCNR(B) deposits mobilised after the announced cutoff are eligible for swap: they must be in permitted currencies, have a minimum three year maturity and a one year lock in; other FCNR(B) deposits, though permissible, do not qualify. Banks must maintain separate ledgers and an auditable transaction trail to distinguish swap-eligible deposits from other FCNR(B) mobilisations.
                            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.

                                  FCNR(B) swap eligibility requires fresh deposits in permitted currencies with three-year maturity and one-year lock-in.

                                  Only fresh FCNR(B) deposits mobilised after the announced cutoff are eligible for swap: they must be in permitted currencies, have a minimum three year maturity and a one year lock in; other FCNR(B) deposits, though permissible, do not qualify. Banks must maintain separate ledgers and an auditable transaction trail to distinguish swap-eligible deposits from other FCNR(B) mobilisations.


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