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
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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 ... Summary
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.
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