Resident Foreign Currency Account allows residents to hold foreign currency for authorised current and capital account transactions under FEMA rules. Residents may open a Resident Foreign Currency (Domestic) Account with Authorised Dealers using foreign currency notes, bank notes and travellers cheques from prescribed personal sources; the account is a non interest bearing current account with cheque facility, unlimited balance, and debits allowed for authorised current and capital account transactions under existing foreign exchange regulations. Authorised Dealers must follow normal account opening and KYC procedures and may forward requests to the Reserve Bank's regional offices pending formal notification.
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Provisions expressly mentioned in the judgment/order text.
Resident Foreign Currency Account allows residents to hold foreign currency for authorised current and capital account transactions under FEMA rules.
Residents may open a Resident Foreign Currency (Domestic) Account with Authorised Dealers using foreign currency notes, bank notes and travellers cheques from prescribed personal sources; the account is a non interest bearing current account with cheque facility, unlimited balance, and debits allowed for authorised current and capital account transactions under existing foreign exchange regulations. Authorised Dealers must follow normal account opening and KYC procedures and may forward requests to the Reserve Bank's regional offices pending formal notification.
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