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          FEMA

          Can a bank enter into a swap with RBI if the original tenor of the fresh FCNR (B) deposits mobilized is more than three years but at the time of availing of the swap facility with RBI, the residual maturity is less than three years?

          Swap Window for attracting FCNR (B) Dollar funds - As on Sep 18, 2013

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          Swap eligibility: banks may use RBI swap facility when original FCNR(B) tenor met, despite marginally shorter residual maturity. Banks may access the RBI swap window for FCNR(B) dollar funds where the deposits were originally mobilised for a minimum tenor of three years with a one-year lock-in, and swaps are transacted in prescribed multiples of one million US dollars; in such cases RBI permits swaps of tenors marginally shorter than three years when residual maturity falls below three years.
                            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.

                                  Swap eligibility: banks may use RBI swap facility when original FCNR(B) tenor met, despite marginally shorter residual maturity.

                                  Banks may access the RBI swap window for FCNR(B) dollar funds where the deposits were originally mobilised for a minimum tenor of three years with a one-year lock-in, and swaps are transacted in prescribed multiples of one million US dollars; in such cases RBI permits swaps of tenors marginally shorter than three years when residual maturity falls below three years.


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