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Sunday, Nov 10, 2002
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Now you can have forex accounts

YOU can now have a foreign currency denominated account with any bank. The Reserve Bank of India (RBI) has announced this major relaxation. But you can have only a current account that does not bear interest and has a cheque issuing facility. Savings accounts have not been allowed now. This takes some gloss off, as your forex holdings will virtually idle (except to gain in rupee value in case the Indian currency depreciates). So far residents could hold up to $2,000, and this cap is no longer applicable. Now you can credit and debit foreign currency on deals permitted by the RBI. Banks have to follow the `know your customer' guidelines to avoid money laundering.

BL Research Bureau

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