Resident Foreign Currency Account permits residents to hold non interest foreign currency balances for specified receipts and permitted transactions. A resident may open and maintain with an Authorised Dealer a Resident Foreign Currency (Domestic) Account funded from specified foreign exchange receipts (currency notes, bank notes and travellers cheques acquired on travel, honoraria or gifts from non residents, or unspent travel foreign exchange). Debits are permitted for current account transactions under the Current Account Transactions Rules and permissible capital account transactions; the account is a non interest 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 permits residents to hold non interest foreign currency balances for specified receipts and permitted transactions.
A resident may open and maintain with an Authorised Dealer a Resident Foreign Currency (Domestic) Account funded from specified foreign exchange receipts (currency notes, bank notes and travellers cheques acquired on travel, honoraria or gifts from non residents, or unspent travel foreign exchange). Debits are permitted for current account transactions under the Current Account Transactions Rules and permissible capital account transactions; the account is a non interest Current Account and there is no ceiling on balances.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
