A
Both 1 and 2
B
Neither 1 nor 2
C
2 only
D
1 only
Correct answer: (d) 1 only
Explanation
Statement 1 is correct as FCNR(B) accounts are foreign currency denominated fixed deposit accounts maintained by non-residents in authorized Indian banks. Statement 2 is incorrect because unlike NRE accounts where the exchange risk is borne by the depositor, the exchange rate volatility risk in unhedged FCNR(B) deposits is borne by the deposit-taking bank.
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