The triple-currency five-year instrument, floated in August by the State Bank of India, mopped up funds worth of $ 4.16 billion from the non-resident Indians (NRIs) and overseas corporate bodies (OCBs). As per the arrangement, the proposed fund will enable the SBI and the government to make contributions to this account every year on account of exchange rates variation on receipts under the RIB scheme.

The scheme would terminate as at the end of September 2003. However, a period of six months ending March 2004 would be allowed for final settlement of the accounts. The RBI also clarified that the MOV arrangement is restricted to the transactions between the government, the SBI and the RBI in respect of the RBI scheme. All sales of foreign currency by the RBI in the forex market including those out of RIBproceeds will continue to be at the prevailing market excahnge rate and the ultimate user and buyer of foreign currency in India will not enjoy any exchange rate protection under the scheme.