Repatriation of maturity proceeds of FCNR(B) deposits – RBI instructions
RBI informs that it has been decided to allow AD Category – I banks and authorised banks to permit remittance of the maturity proceeds of FCNR (B) deposits to third parties outside India, provided the transaction is specifically authorised by the account holder and the authorised dealer is satisfied about the bonafides of the transaction.
Necessary amendments to Notification No.FEMA 5/2000-RB dated May 3, 2000, [Foreign Exchange Management (Deposit) Regulations, 2000] are being notified separately.
RBI CIRCULAR NO. 57/RBI., Dated: May 18, 2007