Sunday, June 15, 2014

Convert Dormant Forex Accounts into Rupees

The Reserve Bank of India (RBI) has asked banks to convert dormant foreign currency deposit account into Indian rupees. In case the Deposit with a fixed maturity date remains inoperative for three years from the date of maturity, at the end of the third year, the bank shall convert the balances into Indian rupee at the exchange rate prevailing as on that date.

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