What are the major foreign currency accounts that can be opened in India by a resident individual? https://www.taxtmi.com/manuals?id=6391 Resident individuals may open EEFC, RFC(D) and RFC foreign currency accounts with an Authorised Dealer bank. EEFC is a non interest current account for exchange earners to retain export proceeds, advance remittances for export, loan repayments from foreign importers, ADR/GDR conversion proceeds, professional earnings in foreign currency, interest on account funds and re credit of unutilised withdrawals; permitted debits include permissible current or capital transactions, cost of goods, customs duty and trade related loans. RFC(D) is a non interest current account for foreign exchange received while abroad and certain gifts, export earnings and insurance receipts. RFC accounts (current/savings/term) hold foreign employer benefits, conversion of specified assets, permitted gifts/inheritance, certain insurance receipts and balances on change of residential status, with interest as de regulated by the AD bank. en-us Wed, 11 Dec 2024 14:54:00 +0530 Wed, 11 Dec 2024 14:57:00 +0530 TaxTMI RSS Generator What are the major foreign currency accounts that can be opened in India by a resident individual? https://www.taxtmi.com/manuals?id=6391 Resident individuals may open EEFC, RFC(D) and RFC foreign currency accounts with an Authorised Dealer bank. EEFC is a non interest current account for exchange earners to retain export proceeds, advance remittances for export, loan repayments from foreign importers, ADR/GDR conversion proceeds, professional earnings in foreign currency, interest on account funds and re credit of unutilised withdrawals; permitted debits include permissible current or capital transactions, cost of goods, customs duty and trade related loans. RFC(D) is a non interest current account for foreign exchange received while abroad and certain gifts, export earnings and insurance receipts. RFC accounts (current/savings/term) hold foreign employer benefits, conversion of specified assets, permitted gifts/inheritance, certain insurance receipts and balances on change of residential status, with interest as de regulated by the AD bank. Manuals FEMA Wed, 11 Dec 2024 14:54:00 +0530 https://www.taxtmi.com/manuals?id=6391