Con­vert Dor­mant Forex Ac­counts into Ru­pees: RBI

The Economic Times - - Markets + Finance -

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, RBI said.

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