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    Zankar R Parikh
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    This document provides details about a Foreign Cross Currency Plus Plan (FCCPP), which is an fixed deposit booked in a foreign currency for a fixed term. The principal and interest are paid out in the initial foreign currency at maturity based on a pre-determined exchange rate. Currently, USD FCCPPs are performing best. A minimum investment of $250,000 is required. FCCPPs typically offer higher yields than normal fixed deposits and the returns are fixed regardless of currency movements. Premature withdrawals are not allowed. Indicative annualized yields for 1-5 year USD/JPY FCCPPs ranging from 1.68-3.00% are provided in a table. Service tax calculations on currency conversion transactions for FCCPPs

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    SCHEME FOR FUNDS KEEPING

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    This document provides details about a Foreign Cross Currency Plus Plan (FCCPP), which is an fixed deposit booked in a foreign currency for a fixed term. The principal and interest are paid out in the initial foreign currency at maturity based on a pre-determined exchange rate. Currently, USD FCCPPs are performing best. A minimum investment of $250,000 is required. FCCPPs typically offer higher yields than normal fixed deposits and the returns are fixed regardless of currency movements. Premature withdrawals are not allowed. Indicative annualized yields for 1-5 year USD/JPY FCCPPs ranging from 1.68-3.00% are provided in a table. Service tax calculations on currency conversion transactions for FCCPPs

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    5 views2 pages

    Scheme

    Uploaded by

    Zankar R Parikh
    This document provides details about a Foreign Cross Currency Plus Plan (FCCPP), which is an fixed deposit booked in a foreign currency for a fixed term. The principal and interest are paid out in the initial foreign currency at maturity based on a pre-determined exchange rate. Currently, USD FCCPPs are performing best. A minimum investment of $250,000 is required. FCCPPs typically offer higher yields than normal fixed deposits and the returns are fixed regardless of currency movements. Premature withdrawals are not allowed. Indicative annualized yields for 1-5 year USD/JPY FCCPPs ranging from 1.68-3.00% are provided in a table. Service tax calculations on currency conversion transactions for FCCPPs

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    of 2

    DearSir,

    Greengs!!!
    Asrequested,pleasendtheFCCPPdetailsenclosedinthismailforyourreference:
    ForeignCrossCurrencyPlusPlan(FCCPP)isbasicallyanFCNRdepositbookedforaxedtenurewithan
    forwardcoverlinkedtotheFCNRdeposit.OnmaturityoftheFCNRdeposit,thematurityproceedsofthe
    FCNRareconvertedtotheinialforeigncurrency(attheratedecidedatthemeofbooking).Thematurity
    proceedsinforeigncurrencytermstypicallyoerhigherreturnsthananormalFCNRdeposit.
    CurrentlyanUSDFCCPPisbestperformingascomparedtoothercurrencies.
    TheminimumamountforbookingofFCCPPisUSD250000.
    FeaturesofFCCPP:
    OncetheFCCPPisbookedtheforeigncurrencyreturnsarexedirrespecveofthemovementinforeign
    currency.
    Theinterestandprincipalamountisfullyrepatriable.
    FCCPPtypicallyprovideshigheryieldscomparedtoanFCNRdeposit.
    PrematurewithdrawalofFCCPPisnotallowed.Prematurewithdrawalmayleadtolossofprincipal.
    BelowaretheindicaveFCCPPyieldsasontoday
    IhaveenclosedthedocumentsforbookinganFCCPP.
    MinimumConsolidatedInvestmentamountisUSD250000.
    CopyofPANcardismandatoryfordealshavingmaturityvalueofmorethanUSD1million.
    about:blank

    1/4

    Indicaveyields

    1YearUSD/JPY 2YearUSD/JPY 3YearUSD/JPY 5YearUSD/JPY


    PrincipalAmountinUSD

    250,000

    250,000

    250,000

    250,000

    SpotRate

    113.87

    113.87

    113.87

    113.87

    ServiceTax(JPY)approx

    13000

    13000

    13000

    13000

    DepositPrincipalinJPY

    28,454,500

    28,454,500

    28,454,500

    28,454,500

    0.92%

    0.84%

    0.82%

    0.88%

    28,716,883

    28,935,556

    29,161,695

    29,731,581

    112.93

    110.69

    108.08

    102.54

    ServiceTax(USD)approx

    100

    100

    100

    100

    MaturityAmountinUSD

    254,191

    261,299

    269,721

    289,845

    AnnualisedYieldFCCPP

    1.68%

    2.23%

    2.56%

    3.00%

    FCNRCardRate

    1.74%

    1.84%

    1.94%

    2.15%

    254,369

    259,328

    264,907

    278,213

    1.75%

    1.85%

    1.95%

    2.16%

    JPYDepositRate
    MaturityAmountinJPY
    ForwardRate

    FCNRMaturityAmount
    AnnualisedYieldFCNR

    PleasenoteforbookinganFCCPPdepositwerequestyoutokindlyprovideus
    1.ApplicaonformforFCCPP
    2.Passportcopyofboththeapplicant
    PartialorprematurewithdrawalsofFCCPPwillnotbepermitted.

    ServiceTAX:
    ThecalculaonofServiceTaxontransaconsforRPP/FCCPPwherevercurrencyconversionisinvolvedhas
    beenamendedw.e.f.Jun1,2015.Thenewslabwisestructureofservicetaxlevyisasfollows:
    1) 0.14percentofthegrossamountofcurrencyexchangedforanamountuptorupees100,000/subjecttothe
    minimumamountofrupees35/.
    2) Rupees140/and0.07percentofthegrossamountofcurrencyexchangedforanamountofrupees
    exceedingrupees100,000/anduptorupees10,00,000/.
    3) Rupees770/and0.014percentofthegrossamountofcurrencyexchangedforanamountofrupees
    exceeding10,00,000/subjecttomaximumamountofrupees7000/.
    4) Educaoncess(includinghighereducaoncess)@3%wouldbechargedontheservicetaxcomputedas
    above.
    Pleasenotethatservicetaxascomputedabovewillbeapplicablewherevercurrencyconversionisinvolved
    bothatthemeofbookingoftheRPPaswellasatthemeofclosureoftheRPP.TheYieldsmenonedinthe
    tableabovearecomputedwithoutconsideringapplicableservicetax.

    2/4

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