14B.3
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Mode of Remittance
(i)Remittances from abroad for opening/crediting to FCNR(B) accounts would ordinarily be made only in the designated currency in which the account is desired to be opened/maintained. If, however, remittance is received in a currency other than the designated currency (including funds received in rupees by debit to the account of a nonresident bank) it will be converted into the latter currency by an authorised dealer at the risk and cost of the remitter and account opened/maintained in the designated currency.
(ii)In case a customer with any convertible currency other than a designated currency desires to place a deposit under the Scheme, authorised dealers can undertake a fully covered swap in that currency against the desired designated currency with the depositor. There is no objection also for such a swap being done between two designated currencies.