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of <h1>Indian residents can open foreign currency accounts with authorized dealers under specific account type restrictions per Regulation 9</h1> Regulation 9 of FEMA Foreign Currency Accounts Regulations 2000 specifies account types for foreign currency accounts held by Indian residents with authorized dealers. Individual account holders may open current, savings, or term deposit accounts, while non-individuals are limited to current or term deposit accounts. EEFC accounts must comply with Reserve Bank directions. Accounts may be held individually or jointly by eligible persons. The regulation underwent amendments regarding EEFC account requirements between 2000-2007.
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