RESERVE BANK OF INDIA FOREIGN EXCHANGE DEPARTMENT CENTRAL OFFICE MUMBAI-400 001

RESERVE BANK OF INDIA FOREIGN EXCHANGE DEPARTMENT CENTRAL OFFICE MUMBAI-400 001 Notification No.FEMA.10A/2014-RB Dated : March 21, 2014 Foreign Exchange Management (Crystallization of Inoperative Foreign Currency Deposits) Regulations, 2014. In exercise of the powers conferred by clause (f) of sub-section (3) of section 6, sub-section (b) of Section 9 and sub-section (2) of section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank makes the following regulations relating to inoperative foreign currency deposits, namely:- 1. Short title and commencement:- (i) These regulations may be called the Foreign Exchange Management (Crystallization of Inoperative Foreign Currency Deposits) Regulations, 2014. (ii) They shall come into force from the date of their publication in the Official Gazette. 2. Definitions:- In these Regulations unless the context otherwise requires, - (i) ‘Act’ means the Foreign Exchange Management Act, 1999 (42 of 1999); (ii) 'Authorised Bank' means a bank including a co-operative bank (other than an authorised dealer) authorised by the Reserve Bank to maintain an account of a person resident outside India; (iii) 'Authorised Dealer' means a person authorised as an authorised dealer under sub-section (1) of section 10 of the Act; (iv) 'Crystallisation' means conversion of credit balances in any inoperative foreign currency denominated deposit to Indian Rupee. (v) 'Deposit' means and includes account balances or deposit of money with an Authorised bank. Crystallisation of inoperative foreign currency deposits - In case a foreign currency denominated deposit with a fixed maturity date remains inoperative for a period of three years from the date of maturity of the deposit, at the end of the third year, the authorised bank shall c

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