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of <h1>RBI Updates Insurance Regulations: Resident Beneficiaries Can Now Credit Foreign Currency Claims to RFC (Domestic) Accounts.</h1> The circular from the Reserve Bank of India addresses changes to the Foreign Exchange Management (Insurance) Regulations, 2000, specifically regarding the Life Insurance Memorandum. It allows resident beneficiaries of insurance claims settled in foreign currency to credit proceeds to their RFC (Domestic) Account instead of the previously advised RFC Account. Additionally, Non-Resident Indian policyholders who become residents can credit proceeds from insurance claims to their RFC Account. The circular instructs authorized dealers to inform their clients of these changes, issued under the Foreign Exchange Management Act 1999.
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