TaxTMI 
TaxTMI 
Acceptance of FCNR(B) Deposits by Regional Rural Banks (RRBs)
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....gional Rural Banks Madam / Sir, Acceptance of FCNR(B) Deposits by Regional Rural Banks (RRBs) In terms of Regulation 5 and Schedule 2 to Foreign Exchange Management (Deposit) Regulations notified vide Notification No. FEMA 5/2000-RB dated May 3, 2000, as amended from time to time, only Authorised Dealer Category - I (AD Category - I) banks are permitted to accept deposit from Non-Re....
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....text, the eligibility criteria prescribed for opening and maintaining NRO and NRE accounts have also been reviewed and in supercession of the instructions contained in the abovementioned circular, Reserve Bank has issued revised criteria for RRBs, for opening and maintaining NRO/NRE accounts in Rupees and for accepting FCNR(B) deposits, vide Circular No. RPCD.CO.RRB.No.BC.106 /03.05.33(C)/2006-07 ....
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....tting through the transactions regarding acceptance of FCNR (B) deposits. (iv) The deposits would be received by credit to the nostro accounts of the sponsoring banks. (v) While the FCNR (B) deposit receipt would be issued by the RRBs to the depositors concerned, the foreign currency funds received as deposits would be treated as placements/deposits by the RRBs with their sponsoring ba....
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....between the RRBs and the sponsoring banks. (viii) RRBs would be required to report the data on Non-Resident Deposits including FCNR (B) deposits in CSR format, in the manner as indicated in A.P. (DIR Series) Circular No. 55 dated May 9, 2007. However, the purchases and sale of designated currencies under the Scheme should be reported in appropriate 'R' returns by the sponsoring banks, as ....