FCNR(B) accounts in any freely convertible currency
THE Committee to Review the Facilities for Individuals under FEMA, 1999 in its Report has recommended that Foreign Currency (Non-Resident) Account (Banks) Scheme, FCNR(B) accounts may be permitted to be opened in any freely convertible currency.
On a review, it has been decided that AD banks in India may be permitted to accept FCNR (B) deposits in any permitted currency. It may be noted that 'Permitted currency' for this purpose would mean a foreign currency, which is freely convertible as defined in terms of Regulation 2(v) of FEMA 14/2000-RB dated May 3, 2000, as amended from time to time.
Circular No. 36/RBI, Dated: October 19, 2011