TaxTMI 
TaxTMI 
benificiary remitance
29 Sep 2010 
2 Replies 
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Holding foreign exchange by inheritance permitted under FEMA, while resident foreign currency accounts are generally restricted and governed by regulations.
A resident Indian named beneficiary cannot generally maintain foreign currency accounts except where expressly permitted; an exception allows holding foreign exchange received by inheritance, which may apply to funds transferred from a foreign national's bank after death. The resident's question about using a domestic foreign-currency account to receive such remittance raises related procedural and taxation considerations. (AI Summary)
A resident Indian named beneficiary cannot generally maintain foreign currency accounts except where expressly permitted; an exception allows holding foreign exchange received by inheritance, which may apply to funds transferred from a foreign national's bank after death. The resident's question about using a domestic foreign-currency account to receive such remittance raises related procedural and taxation considerations. (AI Summary)
A RESIDENT INDIAN MADE BY FOREIGN NATIOAL AS BENEFICIARY IN A BANK ACCOUNT AND AFTER HIS DEMISE THE BANKER OF FOREIGN NATIONAL WISHES TO TRANSFER THE FUND, AND COMPLETE HIS LEGAL OBLIGATION. NOW WHATS THE OBLIGATION OF RESIDENT INDIAN AND WHATS THE PROCEDURE TO MAINTAIN THIS REMITANCE IF COME TO RESIDENT FOREIGN CURRENCY DOMESTIC ACCOUNT OF RESIDENT INDIAN. IS THIS CORRECT OR OTHERWISE WHATS PROVISION OF FEMA AND TAXATION ATTRACT AND PROCEDURE TO BE FOLLOWED.