MENTORA IAS™: post #12585 — TG.ME

𝗙𝗼𝗿𝗲𝗶𝗴𝗻 𝗖𝘂𝗿𝗿𝗲𝗻𝗰𝘆 𝗡𝗼𝗻-𝗥𝗲𝘀𝗶𝗱𝗲𝗻𝘁 (𝗕𝗮𝗻𝗸) 𝗗𝗲𝗽𝗼𝘀𝗶𝘁𝘀 Subject: Economy - 𝘊𝘰𝘯𝘵𝘦𝘹𝘵: RBI advanced the deadline for fresh FCNR(B) deposits to qualify for its USD-INR forex swap window to August 31, 2026. - 𝗘𝗹𝗶𝗴𝗶𝗯𝗶𝗹𝗶𝘁𝘆: Account open to 𝗡𝗥𝗜𝘀 and 𝗢𝗖𝗜𝘀 | Maintained strictly as 𝘁𝗲𝗿𝗺 deposits. - 𝗖𝘂𝗿𝗿𝗲𝗻𝗰𝘆 & 𝗥𝗶𝘀𝗸: Held in approved 𝗳𝗼𝗿𝗲𝗶𝗴𝗻 𝗰𝘂𝗿𝗿𝗲𝗻𝗰𝗶𝗲𝘀 | Zero 𝗲𝘅𝗰𝗵𝗮𝗻𝗴𝗲 𝗿𝗶𝘀𝗸 for the depositor. - 𝗚𝗲𝗻𝗲𝘀𝗶𝘀: Launched in 1975 | Revised to 𝗙𝗖𝗡𝗥(𝗕) in May 1993 to shift exchange risk to 𝗰𝗼𝗺𝗺𝗲𝗿𝗰𝗶𝗮𝗹 𝗯𝗮𝗻𝗸𝘀. - 𝗚𝗼𝘃𝗲𝗿𝗻𝗶𝗻𝗴 𝗙𝗿𝗮𝗺𝗲𝘄𝗼𝗿𝗸: Regulated under 𝗙𝗘𝗠𝗔, 𝟭𝟵𝟵𝟵 and RBI Master Directions. - 𝗧𝗲𝗻𝗼𝗿: Fixed maturity ranging from 𝟭 𝘁𝗼 𝟱 𝘆𝗲𝗮𝗿𝘀. - 𝗧𝗮𝘅 & 𝗥𝗲𝗽𝗮𝘁𝗿𝗶𝗮𝘁𝗶𝗼𝗻: Interest is 𝟭𝟬𝟬% 𝗲𝘅𝗲𝗺𝗽𝘁 from Indian income and wealth tax + Funds are 𝗳𝘂𝗹𝗹𝘆 𝗿𝗲𝗽𝗮𝘁𝗿𝗶𝗮𝗯𝗹𝗲. - 𝗦𝘄𝗮𝗽 𝗠𝗲𝗰𝗵𝗮𝗻𝗶𝘀𝗺: Banks sell foreign currency to RBI at 𝘀𝗽𝗼𝘁 𝗿𝗮𝘁𝗲 + buy back dollars at maturity via par forward contract.