No, as per the RBI circular no. A. P. (DIR Series) Circular No. 12 dated Jul 31, 2012, the balance outstanding in all RFC (D) accounts as on the last day of a month, shall be converted into Indian Rupees by the Bank on the last working day of the subsequent month, if such balances are not utilised by the account holder before the last day of the subsequent month.
The customer may utilise the balance before the last day of the subsequent month if he/she does not want to have mandatory conversion. This mandatory conversion of foreign currency by the Bank on the last working day of the subsequent month, will be done at the prevailing market rate applicable on the day of conversion.
In case the customer has booked forward contract/s or future commitments for conversion of balance in these accounts at a future date, which is falling beyond the last day of the subsequent month, such contracted amount shall be deducted from the eligible amount for the mandatory conversion.
In case the customer has any payment to be made in the future from these accounts beyond the last day of the subsequent month, the customer should submit the application and inform the Branch/Relationship Manager in advance, before the 25th of the succeeding month for blocking/holding back the conversion to the extent of the future transaction amount. The customer needs to submit the underlying documents supporting holding back conversion for such future transaction/s.
Terms and Conditions apply.