October 12, 2018 / 8:53 AM / a month ago

India options for NRI deposits open, timing not decided yet - official on TV

MUMBAI, Oct 12 (Reuters) - India’s option of raising dollar deposits from non-resident Indians through a special scheme is open but the “appropriate’ time is not yet decided, said economic affairs secretary at the finance ministry Subhash Chandra Garg on CNBC-TV18 on Friday.

Garg said the key triggers to decide on the timing of raising foreign currency deposits from Indians living abroad will be the “movement” in the exchange rate and the “extent of forex reserves”.

Speculations have been rife that the government will announce a special scheme for non-resident Indians to raise foreign currency denominated deposits to stem the sharp fall in the rupee, after conducting a similar exercise in 2013 when the country faced its worst currency crisis since 1990s. (Reporting by Suvashree Dey Choudhury; Editing by Gopakumar Warrier)

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