Termination of swap requests: banks may not seek RBI termination while the underlying FCNR (B) deposit remains intact. Banks are not permitted to request the Reserve Bank to terminate a foreign exchange swap linked to an FCNR (B) deposit while the underlying deposit has not been prematurely withdrawn; termination requests are contingent on the withdrawal status of the FCNR (B) account.
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.
Termination of swap requests: banks may not seek RBI termination while the underlying FCNR (B) deposit remains intact.
Banks are not permitted to request the Reserve Bank to terminate a foreign exchange swap linked to an FCNR (B) deposit while the underlying deposit has not been prematurely withdrawn; termination requests are contingent on the withdrawal status of the FCNR (B) account.
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