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Can FCNR(B) receipt be issued against Rupee Draft purchased from Exchange Houses with whom UBI has Rupee Drawing Arrangements?

April 26, 2017draft exchange FCNR houses issued RECEIPT rupee UBI

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Can FCNR(B) receipt be issued against Rupee Draft purchased from Exchange Houses with whom UBI has Rupee Drawing Arrangements?

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Ans.: Yes However, the value date of the FCNR(B) receipt will be date of conversion of the Rupee funds into FC. In case of NRE deposit created out of the proceeds of such drafts, value date can be given as of the date of the draft. 24.