On premature withdrawal, banks will have a US Dollar outflow. Can banks meet these dollar demands using any other available source of foreign currency funding?
Swap Window for attracting FCNR (B) Dollar funds - As on Sep 18, 2013
📋
Contents
Cases Cited
Referred In
Notifications
Circulars
Forms
Manuals
Acts
Rules & Regulations
Case Laws New
Ref Provisions New
Plus +
Source NTF
Summary
Similar
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Premature withdrawal of FCNR(B) deposits requires approaching RBI for swap unwinding; banks may use permitted foreign currency sources pending unwinding. Banks experiencing dollar outflow from premature withdrawal of FCNR(B) deposits must approach the RBI to unwind the swap; meanwhile they may arrange funds from other permitted sources of foreign currency funding pending the RBI unwinding, subject to FEMA and regulatory constraints.
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.
Premature withdrawal of FCNR(B) deposits requires approaching RBI for swap unwinding; banks may use permitted foreign currency sources pending unwinding.
Banks experiencing dollar outflow from premature withdrawal of FCNR(B) deposits must approach the RBI to unwind the swap; meanwhile they may arrange funds from other permitted sources of foreign currency funding pending the RBI unwinding, subject to FEMA and regulatory constraints.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.