14B.2
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Opening of and Utilisation of Funds in FCNR(B) Accounts
(i)FCNR(B) term deposit accounts may be opened with funds remitted from abroad in convertible foreign currency through normal banking channel or funds received in rupees by debit to the VOSTRO accounts of nonresident banks or funds which are of repatriable nature in terms of general or special permission granted by Reserve Bank. The accounts under the Scheme may also be opened by transfer of funds from the existing NRE/FCNR accounts of the nonresident accountholders at the time of maturity or when prematurely withdrawn.
(ii)Instructions contained in paragraph 13B 21 to 13B 23 are applicable, mutatis mutandis, to FCNR(B) accounts also.