Forex, NRI Ac, NRE ,NRO, FCNR, NOSTRO, VOSTRO, LORO, FEMA, Exchange Mechanism, CDF, Bank Guarantee, DPG, EEFC AC
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for VIDEO LECTURES OF ASHISH SIR (FOR ALL SCALES) — Bank Promotions.
One-liners from this chapter
Free sample — 8 of 66 rapid-fire Q&A cards.
What is a Nostro account?
A Nostro account is an account that a domestic bank holds in a foreign bank in the currency of that foreign country. The term 'Nostro' comes from Latin meaning 'ours' — our account with you.
What is the meaning of 'Nostro' in Latin?
'Nostro' means 'our account with you'.
What is a Vostro account?
A Vostro account is an account that a foreign bank holds with a domestic bank in the domestic currency. 'Vostro' means 'yours' in Latin — your account with us.
What is the maximum tenure for an FCNR(B) deposit?
Maximum tenure is five years.
What is a Loro account?
A Loro account is a third-party account reference where Bank A refers to the account held by Bank B with Bank C. 'Loro' means 'theirs' in Latin — their account with them.
What is the minimum tenure for an FCNR(B) deposit?
Minimum tenure is one year.
What is the full form of FEMA and when did it come into force?
FEMA stands for Foreign Exchange Management Act. It came into force on 1st June 2000, replacing FERA (Foreign Exchange Regulation Act, 1973).
Is principal in an NRE account freely repatriable?
Yes, both principal and interest are fully repatriable.
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