However, RRBs may be guided by the RBI Reference rate announced on the Reserve Bank’s web site at around 12:30 pm (instead of indicative rates announced by FEDAI at 12 noon) for the purpose of converting foreign assets/deposits for reporting in Form-A Return. The change may be brought into effect from the reporting fortnight ending July 13, 2012.
The above amendment has been made by RBI in its master circular RPCD CO. RRB. BC. No.10/03.05.033/2012-13 dated July 2, 2012.
The above amendment has been made by RBI in its master circular RPCD CO. RRB. BC. No.10/03.05.033/2012-13 dated July 2, 2012.
Actually, the Foreign Currency Non-Resident (FCNR (B)) scheme, introduced w.e.f. 15th May, 1993, presently cover deposits denominated in Pound Sterling, US Dollar, Euro, Canadian Dollar and Australian Dollar from non-resident individuals of Indian nationality or origin (NRIs). However, RBI has permitted 6 currencies (including one Japanese Yen).
These accounts can be opened as per depositor’s choice, in any of the permitted currencies, with or without of the funds received as foreign inward remittances in convertible currency through normal banking channel. The Foreign Currency Travellers Cheques / Notes may be accepted during temporary visits of the NRI, for credit to account. NRIs are permitted to open FCNR (B) account with their resident close relative on ‘former or survivor’ basis.
Further, the deposits (term deposits) are being accepted by banks (AD) for fixed maturities as under:-
a) 1 year and above but less than 2 years;
b) 2 years and above but less than 4 years;
c) 4 years and above but less than 5 years;
d) 5 years only
Non-resident Indian / Persons of Indian origin: Those Indian residents, who are in employment, studying and staying permanently abroad and foreign nationals (except of Pakistan and Bangladesh), with their origin in India. Students proceeding abroad for higher studies are treated as Non-residents.
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