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of <h1>Banks Must Convert Non-USD FCNR (B) Deposits to USD Using Market Rates on Swap Deal Day for RBI Swaps</h1> For FCNR (B) deposits in currencies other than US Dollars, banks should convert these deposits into an equivalent dollar amount using the market rates on the swap deal day for swaps with the RBI. A consistent conversion policy must be followed, and banks are required to maintain proper documentation and audit trails of the conversion procedures.
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