FCNR(B) conversion: non USD deposits must be converted to dollars at prevailing market rates for swap transactions. FCNR(B) deposits in non US dollar currencies must be converted into an equivalent dollar amount at prevailing market rates on the day of the swap; banks must follow a consistent conversion policy and maintain proper documentation and audit trails of the procedure and rates used.
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) conversion: non USD deposits must be converted to dollars at prevailing market rates for swap transactions.
FCNR(B) deposits in non US dollar currencies must be converted into an equivalent dollar amount at prevailing market rates on the day of the swap; banks must follow a consistent conversion policy and maintain proper documentation and audit trails of the procedure and rates used.
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