Resident Foreign Currency (Domestic) Account: permitted foreign-origin credits and restricted debits with non interest, no balance ceiling. Regulation 5A permits a resident individual to open, hold and maintain a Resident Foreign Currency (Domestic) Account with an Authorised Dealer using specified foreign exchange receipts, including travel unspent balances, gifts, export earnings, royalties, disinvestment and insurance proceeds. Debits are restricted to current account transactions permitted under the Current Account Transactions Rules and permissible capital account transactions under FEMA regulations. The account is to be maintained as a non interest bearing current account and there is no limit on balances.
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 (Domestic) Account: permitted foreign-origin credits and restricted debits with non interest, no balance ceiling.
Regulation 5A permits a resident individual to open, hold and maintain a Resident Foreign Currency (Domestic) Account with an Authorised Dealer using specified foreign exchange receipts, including travel unspent balances, gifts, export earnings, royalties, disinvestment and insurance proceeds. Debits are restricted to current account transactions permitted under the Current Account Transactions Rules and permissible capital account transactions under FEMA regulations. The account is to be maintained as a non interest bearing current account and there is no limit on balances.
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