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Whether the proceeds of FCNR (B) deposits can be remitted to third parties on maturity?

April 26, 2017deposits FCNR maturity Parties proceeds remitted

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Whether the proceeds of FCNR (B) deposits can be remitted to third parties on maturity?

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A- Yes, Banks have been permitted for remittance of the maturity proceeds of FCNR (B) deposits to third parties outside India, provided the transaction is specifically authorized by the account holder and the Bank is satisfied about the bonafides of the transaction.