Resident Foreign Currency (Domestic) Account - Facility for Resident Individuals

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..... ount - Facility for Resident Individuals Authorised Dealers are aware that in terms of Regulation 3(iii) of RBI Notification No.FEMA.11/ 2000-RB dated 3rd May, 2000, residents are allowed to retain up to US$ 2000 or its equivalent in aggregate, provided that such foreign exchange in the form of currency notes, bank notes and travellers cheques : a. was acquired by him while on a visit to any .....

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..... cquired in the form of currency notes, bank notes and travellers cheques from the sources specified at items (a) to (d) above. Debits to the account shall be for payment towards current/capital account transactions in accordance with the existing foreign exchange regulations. The account will be maintained in the form of current account and shall not bear any interest. Cheque facility will be avai .....

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..... counts may be forwarded with recommendations to the concerned Regional Office of the Reserve Bank. While opening these accounts the Authorised Dealers should however, follow the same procedures, including 'Know Your Customer' guidelines as applicable for opening any other domestic account. 6. Authorised Dealers may bring the contents of the circular to the notice of their constituents concerned .....

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