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).