Know More before Opening a Foreign Currency Account in Banks

 

Reserve bank of India or the RBI has come out with lots of new range of policies that are beneficial for all categories of people, especially those who are interested in the financial growth of the country as well as self. Banks play a vital role in boosting the financial condition of the country. There are many circulars that are being released in order to create awareness among all the bankers, and in turn all the banks are given permission to publish the circular readings to its constituents as well as customers.

Among all the released circulars, we will talk about the Notification No. FEMA 5 / 2000–RB as of 3rd May 2000. Through this circular the RBI has gained attention of all the authorized dealer (AD) banks to the paragraph 2 of schedule 2. The above mentioned circular is being amended time to time in various sections viz., foreign exchange (deposit) regulations, 2000. Thus, it is advised that you need to read the above circular along with Notification No. FEMA 14 /…

Read the full article from the Source…

Leave a Reply