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of <h1>Indian residents can open foreign currency accounts using overseas pensions, inheritance, gifts, and insurance proceeds under Regulation 5</h1> Regulation 5 of FEMA 2000 permits Indian residents to open and maintain Resident Foreign Currency accounts with authorized dealers using foreign exchange from specified sources including overseas pension benefits, converted repatriated assets, gifts or inheritance from eligible persons, and life insurance proceeds settled in foreign currency. Account funds are exempt from foreign currency utilization restrictions and investment limitations outside India. Resident individuals may add close relatives as joint holders on former-or-survivor basis, though joint holders cannot operate accounts during the primary holder's lifetime.
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