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of <h1>EEFC and RFC Accounts Liberalized: Joint Holding with Resident Relatives Allowed, Subject to Operational Restrictions. Amendments Forthcoming.</h1> The circular addresses the liberalization of Exchange Earners Foreign Currency (EEFC) and Resident Foreign Currency (RFC) accounts. It allows resident individuals to include resident close relatives, as defined under the Companies Act, 1956, as joint holders on a 'former or survivor' basis in these accounts. However, the joint holder cannot operate the account during the lifetime of the primary account holder. Amendments to the Foreign Exchange Management Regulations, 2000, will be issued separately. Authorized Dealer banks are instructed to inform their account holders of these changes, issued under the Foreign Exchange Management Act, 1999.
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