Resident foreign currency accounts can receive life insurance proceeds in foreign currency credited to RFC or RFC(D) accounts. Proceeds of life insurance claims, maturity payments or surrender values payable in foreign currency by an Indian insurer authorised to undertake life insurance business may be credited to the beneficiary's Resident Foreign Currency (RFC) Account or Resident Foreign Currency (Domestic) [RFC(D)] Account, and authorised dealers are instructed to accept such credits following the regulatory amendment.
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 accounts can receive life insurance proceeds in foreign currency credited to RFC or RFC(D) accounts.
Proceeds of life insurance claims, maturity payments or surrender values payable in foreign currency by an Indian insurer authorised to undertake life insurance business may be credited to the beneficiary's Resident Foreign Currency (RFC) Account or Resident Foreign Currency (Domestic) [RFC(D)] Account, and authorised dealers are instructed to accept such credits following the regulatory amendment.
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