Major Recommendation of the K J Udeshi panel of RBI

Ms. K J Udeshi is a former Deputy Governor of RBI. The K J Udeshi Panel was constituted by RBI in May on Forex dealings. Seeking improvement in individual foreign exchange transactions, the panel has said the central bank should allow non-resident Indians (NRIs) to jointly open joint foreign currency non-resident (FCNR)/non-resident external (NRE) accounts with a resident relative. The panel says that RBI can permit opening of FCNR accounts in any freely convertible currency.

• At present, account can be in Pound Sterling, US Dollar, Japanese Yen, Euro, Canadian Dollar and Australian Dollar (6 currencies).