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of <h1>Indian residents prohibited from holding foreign currency accounts under FEMA regulations without Reserve Bank permission</h1> Indian residents are generally prohibited from opening, holding, or maintaining foreign currency accounts under FEMA regulations. However, accounts held before the regulation's commencement with Reserve Bank permission remain valid. The Reserve Bank may grant permission to residents for foreign currency accounts upon application, subject to specified terms and conditions. This restriction forms part of India's foreign exchange management framework governing currency account operations by resident individuals and entities.
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