Opening, Holding and Maintaining a Resident Foreign Currency Account

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....cy Account :- (1) A person resident in India may open, hold and maintain with an authorised dealer in India a Foreign Currency Account, to be known as a Resident Foreign Currency (RFC) Account, out of foreign exchange - (a) received as pension or any other superannuation or other monetary benefits from his employer outside India; or (b) realised on conversion of the assets ref....

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....ny restriction on investment in any form, by whatever name called, outside India. ^2[(3) Resident individuals are permitted to include resident close relative(s) as a joint holder(s) in their Resident Foreign Currency account on 'former or survivor' basis. However, such resident Indian close relative joint account holder shall not be eligible to operate the account during the life time ....