Foreign Currency (Non-Resident) Account (Banks) Scheme, i.e. FCNR (B)
[Deposits in India by an NRI]
The terms and conditions subject to which authorised dealers may open and maintain foreign currency accounts of NRIs under FCNR(B) schemes are specified in Schedule 2 to these Regulations as amended w.e.f. 3-10-2003. Generally, there is no change in the existing Part (B) scheme contained in Part B of Chapter 14 of ECM. As regards submission of data of inflows or outflows and outstanding deposits under the Scheme, the authorised dealers have to follow the procedure contained in paragraph 1 4B.10 of ECM, that is the Exchange Control Manual as advised by the RB! vide its Circular No.11 of 16.5.2000.
Deposits in India by an NRI ( Non-Resident Indian)
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