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December 2011

A.P. (DIR Series) Circular No. 36, dated 19-10-2011 — Opening Foreign Currency (Non-Resident) Account (Banks) Scheme [FCNR(B)] account in any freely convertible currency — Liberalisation.

By Gaurang Gandhi, Chartered Accountant
Reading Time 1 mins
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Presently, FCNR(B) accounts can be opened in the following foreign currencies — Pound Sterling, US Dollar, Japanese Yen, Euro, Canadian Dollar and Australian Dollar.

This Circular states that FCNR(B) accounts can now be opened in any freely convertible currency.

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