The Reserve Bank of India's Foreign Currency Non-Resident (FCNR) bank deposit swap scheme has successfully mobilised $73 billion in foreign exchange inflows.
Data indicates that 76% of these deposits represent fresh capital, with total inflows projected to approach $100 billion by the end of August, nearly triple the levels seen in 2013.
Despite the massive influx of foreign currency, analysts note that the scheme has had a limited impact on stabilising the Indian Rupee against the US Dollar.