Foreign currency account retention by residents allowed if opened while non-resident or inherited under applicable rules. A person resident in India may maintain a foreign currency account outside India if the account was opened while the person was resident outside India or if the account was inherited from a person who was resident outside India, creating a limited retention exception for such offshore accounts under applicable regulatory conditions.
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.
Foreign currency account retention by residents allowed if opened while non-resident or inherited under applicable rules.
A person resident in India may maintain a foreign currency account outside India if the account was opened while the person was resident outside India or if the account was inherited from a person who was resident outside India, creating a limited retention exception for such offshore accounts under applicable regulatory conditions.
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