14B.4
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Conversion of Rupees into Designated Currencies and vice versa
(i)Remittances received in Indian rupees for opening FCNR(B) accounts in conformity with paragraph 14B 2(i) should be converted by authorised dealers into the designated foreign currency at the clean T.T. selling rate for that currency ruling on the date of conversion.
(ii)Maturity proceeds of FCNR(B) accounts or premature withdrawal thereof for purpose of meeting local disbursements including investment requirements of account holder in India should be converted into rupees at the authorised dealers clean T.T. buying rate for the relative currency ruling on the date of withdrawal.