UAE Leads Inflows into India's FCNR Deposit Scheme with Over $10 Billion
The UAE has emerged as a major source of funds for India's special FCNR(B) deposit scheme, contributing over $10 billion. High dollar interest rates and tax incentives are attracting significant interest from the Indian expatriate community in the region. Despite some operational bottlenecks and hurdles for bank representatives, the flow remains strong. Experts believe the potential for inflows could be even higher if administrative limitations are addressed to better facilitate these transactions.
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