Thursday, October 20, 2011

RBI permits opening of [FCNR(B)] account in any freely convertible currency

A.P. (DIR Series) Circular No. 36- On a review, it has been decided that AD banks in India may be permitted to accept FCNR (B) deposits in any permitted currency. It may be noted that ‘Permitted currency’ for this purpose would mean a foreign currency which is freely convertible as defined in terms of Regulation 2(v) of FEMA 14/2000-RB dated May 3, 2000, as amended from time to time.