FCNR has bought time; now let's transform how we finance our current account deficit: Neelkanth Mishra
Mishra said the FCNR scheme acts as a way to buy more time, effectively lengthening short-term currency hedges—which used to mature in three to six months—into three- to five-year commitments.
We haven't written up this one. Live Mint has the full story — the link below goes straight to it.