benificiary remitance, FEMA

[RAMDEO KAKRA]

A RESIDENT INDIAN MADE BY FOREIGN NATIOAL AS BENEFICIARY IN A BANK ACCOUNT AND AFTER HIS DEMISE THE BANKER OF FOREIGN NATIONAL WISHES TO TRANSFER THE FUND, AND COMPLETE HIS LEGAL OBLIGATION. NOW WHATS THE OBLIGATION OF RESIDENT INDIAN AND WHATS THE PROCEDURE TO MAINTAIN THIS REMITANCE IF COME TO RESIDENT FOREIGN CURRENCY DOMESTIC ACCOUNT OF RESIDENT INDIAN. IS THIS CORRECT OR OTHERWISE WHATS PROVISION OF FEMA AND TAXATION ATTRACT AND PROCEDURE TO BE FOLLOWED.

Posts / Replies

[Surender Gupta]

As per the provisions of FOREIGN EXCHANGE MANAGEMENT (FOREIGN CURRENCY ACCOUNTS BY A PERSON RESIDENT IN INDIA) REGULATIONS, 2000, a person being resident in India can not hold foreign currency account except the situations permitted in these regulations. 

Further, please go to the section 6 of the FEMA, which permits holding of foreign exchange acquired in lieu of inheritance.

[RAMDEO KAKRA]

THANKS MR.GUPTA HOWEVER PL. NOTE THAT A RESIDENT HAVE RIGHT TO OPEN DOMESTIC A/C IN FOREIGN CURRENCY. I RECD.PROFESSIONAL FEE IN US DOLLER AND WITH THAT AMOUNT I OPENED IT  THIS A/C WITH MY HDFC BANK.