TMI BlogOpening, holding and maintaining Foreign Currency Accounts in IndiaX X X X Extracts X X X X X X X X Extracts X X X X ..... ule I. (B) Resident Foreign Currency Account:- (1) A person resident in India may open, hold and maintain with an authorised dealer in India a Foreign Currency Account, to be known as a Resident Foreign Currency (RFC) Account, out of foreign exchange (a) received as pension or any other superannuation or other monetary benefits from his employer outside India; or (b) realised on conversion of the assets referred to in sub-section (4) of section 6 of the Act , and repatriated to India; or (c) 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; o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a while on a visit to any place outside India; or (b) from any person not resident in India and who is on a visit to India, as honorarium or gift or for services rendered or in settlement of any lawful obligation; or (c) by way of honorarium or gift while on a visit to any place outside India; or (d) in the form 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 m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unt shall be used for bona fide trade transactions of the unit in the SEZ with the person resident in India or otherwise, (d) 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 allow firms and companies who comply with the eligibility criteria stipulated in the Foreign Trade Policy of Go ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -insurance and composite insurance brokers registered with IRDA to open and maintain non-interest bearing foreign currency accounts in India for the purpose of undertaking transactions in the ordinary course of their business. ] (3) An authorized dealer in India may, subject to the directions as may be issued by the Reserve Bank, allow Project Offices set up in India by foreign companies in terms of Foreign Exchange Management (Establishment in India of Branch or Office or other Place of Business) Regulations, 2000 dated May 3, 2000, as amended from time to time to open, hold and maintain non-interest bearing one or more foreign currency accounts in India for the projects to be executed in India. (4) An Indian company receiving for ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
