Foreign Exchange Management Act (India)

Foreign Exchange Management Act

Reserve Bank of India
Exchange Control Department
Central Office
Mumbai – 400 001

DBOD No. Dir. BC. 50/13.03.00/2004-05

November 1, 2004

Foreign Currency Non-Resident (Banks) Accounts

In exercise of the powers conferred by Section 35A of the Banking Regulation Act, 1949, the Reserve Bank of India being satisfied that it is necessary and expedient in the public interest so to do, hereby directs that Item (b) of Annexure I to the Bank’s Master Circular DBOD.No.Dir.BC.8/13.03.00/2004-05 dated July 14, 2004 shall be substituted by the following:

The LIBOR/SWAP rates as prevailing on the last working day of the preceding month shall form the base for fixing ceiling rates for the interest rates that would be offered effective the following month.

2. The revised instructions shall come in to effect from November 1, 2004. The other provisions of the Master Circular shall remain unchanged.

(Usha Thorat)

Executive Director


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