Resident Foreign Currency Account allows residents to hold non interest foreign currency balances for permitted current and capital transactions. A Resident Foreign Currency (Domestic) Account may be opened, held and maintained with an Authorised Dealer in India from foreign exchange acquired as currency notes, bank notes and travellers cheques, including unspent travel foreign exchange, honoraria, gifts and payments from non residents visiting India. Debits are permitted for current account transactions under the Current Account Transactions Rules and for permissible capital account transactions; the account must be a non interest bearing Current Account and there is no ceiling on balances.
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 Account allows residents to hold non interest foreign currency balances for permitted current and capital transactions.
A Resident Foreign Currency (Domestic) Account may be opened, held and maintained with an Authorised Dealer in India from foreign exchange acquired as currency notes, bank notes and travellers cheques, including unspent travel foreign exchange, honoraria, gifts and payments from non residents visiting India. Debits are permitted for current account transactions under the Current Account Transactions Rules and for permissible capital account transactions; the account must be a non interest bearing Current Account and there is no ceiling on balances.
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