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Opening, holding and maintaining Foreign Currency Accounts in India

Regulation 4 - Regulation - Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015 - Regulation 4 - 4. (A) Exchange Earners Foreign Currency Account:- A person resident in India may open, hold and maintain with an authorised dealer in India, a Foreign Currency Account to be known as Exchange Earners Foreign Currency (EEFC) Account, subject to the terms and conditions of the Exchange Earners' Foreign Currency Account Scheme specified in the Sch .....

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received or acquired as gift or inheritance from a person referred to in sub-section (4) of section 6 of the Act; or (d) referred to in clause (c) of section 9 of the Act, or acquired as gift or inheritance there from; or (e) received as the proceeds of life insurance policy claims/maturity/surrender values settled in foreign currency from an insurance company in India permitted to undertake life insurance business by the Insurance Regulatory and Development Authority. (2) The funds in a Residen .....

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e eligible to operate the account during the life time of the resident account holder. Explanation - For the purpose of this sub-regulation, the expression relative shall have the same meaning as assigned to it under section 2(77) of the Companies Act, 2013. (C) Resident Foreign Currency (Domestic) Account (1) A resident Individual may open, hold and maintain with an Authorised Dealer in India a foreign currency account, to be known as Resident Foreign Currency (Domestic) Account, out of foreign .....

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of unspent amount of foreign exchange acquired by him from an authorised person for travel abroad; or (e) as gift from a relative; Explanation - For the purpose of this sub-regulation, the expression relative shall have the same meaning as assigned to it under section 2(77) of the Companies Act, 2013. (f) by way of earning through export of goods/ services, or as royalty, honorarium or by any other lawful means; (g) representing the disinvestment proceeds received by the resident account holder .....

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ions of the Foreign Exchange Management (Current Account Transactions) Rules, 2000 and towards a capital account transaction permissible under the Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000. (3) The account shall be maintained in the form of Current Account and shall not bear any interest. (4) There shall be no ceiling on the balances in the account (D) A Unit in a Special Economic Zone (SEZ) A unit located in a Special Economic Zone may open hold an .....

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the balances in the accounts shall be exempt from the restrictions imposed under Rule 5, except item 1(ii) of the Schedule III, of the Government of India Notification No.GSR.381(E) dated May 3, 2000, as amended from time to time. Provided that the funds held in these accounts shall not be lent or made available in any manner to any person or entity resident in India not being a unit in Special Economic Zones. (E) Diamond Dollar Accounts (DDAs) An Authorized Dealer Category-I bank in India may a .....

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project outside India or who is exporting services or engineering goods from India on deferred payment terms may open, hold and maintain a Foreign Currency Account with a bank in India, provided that - (a) approval as required under the Foreign Exchange Management (Export of goods and services) Regulations, 2015 has been obtained for undertaking the contract/ project/ export of goods or services, and (b) the terms and conditions stipulated in the letter of approval have been duly complied with. .....

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