Currencies

Singapore: Non-Resident Indians (NRIs) have the potential to bring USD 70-80 billion in foreign currency inflows into India through the ongoing FCNR initiative, under which banks are offering higher interest rates for a limited period, a Singapore-based chartered accountant said on Friday. The estimate was also discussed during a global webinar organised by the Singapore Chapter of the Institute of Chartered Accountants of India (ICAI) in association with the ICAI’s International Affairs Committee and its 25 overseas chapters on Wednesday. The Foreign Currency Non-Resident (FCNR) scheme allows NRIs and Persons...