Foreign currency account restrictions require resident persons to obtain statutory permission or Reserve Bank approval for lawful maintenance.

Persons resident in India cannot open, hold or maintain foreign currency accounts except where permitted under the Foreign Exchange Management Act, applicable rules or regulations. Foreign currency accounts held before commencement with the Reserve Bank's special or general permission are treated as validly held. The Reserve Bank may permit a resident person, on application, to open, hold or maintain such an account subject to necessary terms and conditions.

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