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of <h1>RBI Amends Regulations Allowing Resident Close Relatives as Joint Holders in RFC and EEFC Accounts</h1> The Reserve Bank of India issued an amendment to the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000. Effective from September 15, 2011, the amendment allows resident individuals to include resident close relatives as joint holders in their Resident Foreign Currency (RFC) and Exchange Earners' Foreign Currency (EEFC) accounts on a 'former or survivor' basis. However, these joint holders cannot operate the account during the lifetime of the primary account holder. 'Close relative' is defined as per Section 6 of the Companies Act, 1956. The amendment is not expected to adversely affect any person.
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