Foreign Exchange Management (Crystallization of Inoperative Foreign Currency Deposits) Regulations, 2014.

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..... d sub-section (2) of section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank makes the following regulations relating to inoperative foreign currency deposits, namely:-- Short title and commencement 1. (i) These regulations may be called the Foreign Exchange Management (Crystallization of Inoperative Foreign Currency Deposits) Regulations, 2014. (ii) They shall co .....

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..... ised bank. Crystallisation of Inoperative foreign currency deposits 3. (1) In case a foreign currency denominated deposit with a fixed maturity date remains inoperative for a period of three years from the date of maturity of the deposit, at the end of the third year, the authorised bank shall convert the balances lying in the foreign currency denominated deposit into Indian Rupee at the exchang .....

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..... e period at the prevailing exchange rate. Thereafter, the depositor shall be entitled to claim either the said Indian Rupee proceeds and interest thereon, if any, or the foreign currency equivalent (calculated at the rate prevalent as on the date of payment) of the Indian Rupee proceeds of the original deposit and interest if any, on such Indian Rupee proceeds. [F. NO. 1/1/EM/2014]
Notificati .....

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