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Returning NRIs/ PIO may open, hold and
maintain with an authorised dealer in India a Resident Foreign
Currency (RFC) Account to transfer balances held in NRE/FCNR
(B) accounts. Proceeds of assets held outside India at the
time of return, can be credited to the RFC account. The funds
in RFC accounts are free from all restrictions regarding
utilisation of foreign currency balances including any
restriction on investment in any form outside India.
RFC (Domestic)
Account
A person resident in India can open, hold
and maintain with an authorized dealer in India, a Resident
Foreign Currency (Domestic) Account, out of foreign exchange
acquired in the form of currency notes, Bank notes and
travellers cheques from any of the sources like, payment for
services rendered abroad, as honorarium, gift, services
rendered or in settlement of any lawful obligation from any
person not resident in India
The account may also be credited
with/opened out of foreign exchange earned like proceeds of
export of goods and/or services, royalty, honorarium, etc.,
and/or gifts received from close relatives (as defined in the
Companies Act) and repatriated to India through normal banking
channels by resident individuals. |
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