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Withdrawal of General Permission and Unwinding of Investments and Transactions

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....tments and Transactions 5. On the commencement of these Regulations - (1) (a) no fresh account by whatever name called shall be opened or maintained in the name of an OCB., (b) the Regulations specified in column 1 of the Schedule shall be amended as mentioned in Column 2. (c) an existing NRE (Saving and Current) Account held or maintained in the name of an OCB shall be closed and balances rep....

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....and on maturity the proceeds shall be credited to NRO (Current) Account; (g) no facility of any nature whatsoever shall be granted on the security of an account held in the name of an OCB; (h) any loan or other facility granted against the security of a Recurring/Fixed Deposit Account held in the name of an OCB, shall not be renewed and shall be closed by adjustment of the proceeds on maturity o....

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