Resident foreign currency account permits specified foreign receipts and allows unrestricted use including overseas investment; joint holding allowed. Regulation 5 permits residents to open and maintain a Resident Foreign Currency (RFC) Account for foreign exchange received from specified sources - pension and other employer benefits received abroad, realised repatriated assets, gifts or inheritance from qualifying persons, certain receipts under the Act, and life insurance proceeds paid in foreign currency by authorised Indian insurers - and provides that funds in the RFC Account are free from restrictions on utilisation including investment outside India; resident close relatives may be joint holders on a former-or-survivor basis but may not operate the account during the primary holder's lifetime.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Resident foreign currency account permits specified foreign receipts and allows unrestricted use including overseas investment; joint holding allowed.
Regulation 5 permits residents to open and maintain a Resident Foreign Currency (RFC) Account for foreign exchange received from specified sources - pension and other employer benefits received abroad, realised repatriated assets, gifts or inheritance from qualifying persons, certain receipts under the Act, and life insurance proceeds paid in foreign currency by authorised Indian insurers - and provides that funds in the RFC Account are free from restrictions on utilisation including investment outside India; resident close relatives may be joint holders on a former-or-survivor basis but may not operate the account during the primary holder's lifetime.
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