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<h1>RBI Clarifies Foreign Currency Account Rules for Residents and Non-Residents Under FEMA Guidelines</h1> The document is a comprehensive Master Direction issued by the Reserve Bank of India (RBI) regarding foreign currency accounts and deposits for persons resident in India and outside India under the Foreign Exchange Management Act (FEMA). It provides detailed regulations on opening, maintaining, and operating various types of foreign currency accounts, including Exchange Earner's Foreign Currency (EEFC) accounts, Resident Foreign Currency (RFC) accounts, Non-Resident External (NRE) accounts, and Special Non-Resident Rupee (SNRR) accounts. The direction covers rules for credits, debits, repatriation, loans, and other operational aspects of these accounts for different categories of account holders.