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TMI BlogRegulation 5(1) (ii) - FOREIGN CURRENCY (NON-RESIDENT) ACCOUNT (BANKS) SCHEME - FCNR(B)X X X X Extracts X X X X X X X X Extracts X X X X ..... ent bank maintained with an authorised dealer in India or funds which are of repatriable nature in terms of the regulations made by Reserve Bank. Accounts may also be opened by transfer of funds from existion NRE/FCNR accounts. (c) Remittances from outside India for opening of or crediting to these accounts should be made in the designated currency in which the account is desired to be opened/maintained. Without prejudice to this, if the remittance is received in a currency other than the designated currency (including funds received in rupees by debit to the account of a non resident bank), it should be converted into the latter currency by the authorised dealer at the risk and cost of the remitter and account should be opened/credited in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing rate for the concerned currency ruling on the date of withdrawal. 7. Inland Movement of Funds : Any inland movement of funds for the purpose of opening these accounts as well as for repatriation outside India of balances held in these accounts will be free of inland exchange or commission for the non-resident depositors. The Authorised dealer receiving foreign currency remittances in these accounts will also, on request, pass on the foreign currency to another authorised dealer if the account has to be opened with the latter, at no extra cost to the remitter. 8. Manner of Payment of Interest : (i) Interest on balances held in these accounts may be paid half-yearly or on an annual basis as desired by the depositor. (ii) Interest may be c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of joint accounts, repatriation of funds, opening account during temporary visit, operation by power of attorney, loans/overdrafts against security of funds held in accounts, shall apply mutatis mutandis to FCNR (B) accounts. 3 (2) Authorised dealer may permit remittance of the maturity proceeds of FCNR (B) deposits to third parties outside India, provided the transaction is specifically authorised by the account holder and the authorised dealer is satisfied about the bona fides of the transaction. 12. Reporting. The transactions in these accounts shall be reported to Reserve Bank in accordance with the directions issued by it from time to time. 13. Other features. (a) Reserve Bank will not provide exchange rate guarantee to authorised de ..... X X X X Extracts X X X X X X X X Extracts X X X X
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