Discuss the Foreign Currency (Non-Resident) Account (Banks) Scheme – FCNR (B) Account, as given by Reserve Bank of India (RBI). What are the permissible debits and credits in FCNR (B) account?  

The Foreign Currency (Non-Resident) Account (Banks) Scheme or FCNR (B) Account is a type of bank account that allows non-resident Indians (NRIs) to hold foreign currency deposits in India. This account was introduced by the Reserve Bank of India (RBI) in 1993 to encourage NRIs to invest in India and to increase the availability of foreign currency for the Indian economy. In this article, we will discuss the key features of the FCNR (B) account and the permissible debits and credits.

Key features of FCNR (B) account:

1. Eligibility: NRIs and Persons of Indian Origin (PIOs) are eligible to open FCNR (B) accounts.

2. Currency: FCNR (B) accounts can be opened in six specified currencies: US dollar (USD), British pound (GBP), ______ ______ _________ ___ _____ __________ _________ _________ ________ _______ _____ _______.
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