RBI/2012-13/109
RPCD CO. RRB. BC. No.10/03.05.033/2012-13
July 2, 2012
All Regional Rural Banks
Dear Sir,
Section 42 of the RBI Act, 1934 – Maintenance of CRR on Foreign Currency (Non-Resident) [FCNR (B)] Scheme
As per extant guidelines in order to determine the rupee equivalent liability under FCNR (B) Scheme for the purpose of Cash Reserve Ratio (CRR), Regional Rural Banks (RRBs) may use the FEDAI indicative rate for all the four major currencies (viz. US dollar, GBP, Japanese Yen, and DM/Euro) on relevant reporting Friday which is available at 12.00 noon on any working day.
2. We advise that RRBs may be guided by the RBI Reference rate announced on the Reserve Bank’s web site at around 12:30 pm (instead of indicative rates announced by FEDAI at 12 noon) for the purpose of converting foreign assets/deposits for reporting in Form A Return. The change may be brought into effect from the reporting fortnight ending July 13, 2012.
Yours faithfully,
I.S. Negi
(General Manager)
