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of <h1>Master Direction on resident and non-resident foreign currency accounts: permitted types, operations, reporting, approvals, compliance</h1> This Master Direction consolidates rules under the foreign exchange statute governing opening, holding and maintaining foreign currency accounts by residents and deposit/accounts in India by non-residents, operationalising relevant regulations and delegated directions to authorised banks. It specifies permitted account types (e.g., EEFC, RFC, RFC(D), DDA, NRE, FCNR(B), NRO, SNRR, escrow and Vostro accounts), eligibility, permitted credits/debits, repatriation, nomination, loan and overdraft norms, reporting duties of authorised banks, and country-specific approval requirements. Recent amendments consolidate Vostro-account directions and clarify treatment of special rupee Vostro and non-resident exchange-house accounts; non-compliance and exceptional credits/transfers require prior central bank approval or reporting as prescribed.
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