Foreign Currency (Non-Resident) Account (Banks) (FCNR (B)) Scheme
A.P. (DIR Series) Circular No. 98
All Category – I Authorised Dealer Banks
Madam / Sir,
2. It has come to our notice that Authorised Dealer banks are insisting on different requirements at the time of closure of FCNR (B) deposits and subsequent remittance of funds as under:
- Submission of A2 form
- Insisting on physical presence of the account holder
- Asking for purpose of remittance
4. AD Category- I banks may bring the contents of the circular to the notice of their constituents concerned.
5. The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and is without prejudice to permissions / approvals, if any, required under any other law.
Chief General Manager