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of <h1>Foreign Currency Non-Resident Account Scheme allows non-residents to open term deposits with authorized dealers under FEMA</h1> The Foreign Currency Non-Resident Account (Banks) Scheme under FEMA regulations allows non-resident individuals to open foreign currency term deposits with authorized dealers. Eligible account holders can deposit funds in designated currencies determined by the Reserve Bank, with interest rates as specified by regulatory directives. Accounts permit debits and credits similar to other non-resident accounts, with provisions for loans, overdrafts, and repatriation of funds. When account holders become residents, deposits may continue until maturity but are treated as resident deposits. The scheme includes specific conversion rates, reporting requirements, and operational guidelines for authorized dealers.
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