NEW DELHI (Reuters) - India will close the special concessional swap rate offered to lenders raising funds abroad on November 30, according to the text of the speech Finance Minister P. Chidambaram gave in Singapore earlier on Thursday.
The window for the foreign currency non-resident (bank), or FCNR (B), was due to close on November 30, although some banks have pushed for an extension.
"Two months ago, the Reserve Bank opened a special window to attract more funds into FCNR (B), and I am happy to report that, as I speak to you today, the scheme, which will close on November 30, 2013, has received $16 billion," Chidambaram said according to a copy of his speech, released in New Delhi by the finance ministry.
The Reserve Bank of India had received a total of $22.7 billion through the FCNR (B) as well as a separate window targeting non-resident Indians abroad, it said in a release.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app