GENERAL25 Sept 2026
RBI Bulletin: FCNR(B) boost for rupee dented by recent crude oil spike
India's central bank opened a low-cost swap window in June to pull in foreign currency deposits. Banks then collected $133 billion in FCNR(B) — foreign currency non-resident (bank) deposits — and the scheme closed a month early. That support for the rupee was partly offset by a recent crude oil spike. If you hold these deposits, talk to your bank before your next renewal.
Key Statutory Highlights
- The RBI opened a concessional swap window in June to attract foreign currency deposits.
- Commercial banks mobilised $133 billion in FCNR(B) deposits after that window opened.
- The scheme closed a month early, and the boost to the rupee was dented by a recent crude oil spike.
Actionable Advice for Taxpayers / Founders:If you or your business holds FCNR(B) deposits, check with your bank how the early scheme closure affects your renewal options, and speak to your advisor before making any fresh deposit decision.
Statutory Disclaimer: TaxQue Shorts are AI-assisted editorial briefs for compliance awareness. This brief has not passed every source check; confirm the original notification before acting. This does not constitute formal legal or CA counsel.
TaxQue News Desk
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