When can a resident individual open a foreign currency account outside India?

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Full Text of the Document

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....unt from India should be made in accordance with FEMA and the rules and regulations made thereunder. On the student's return to India after completion of studies, the account will be deemed to have been opened under the Liberalised Remittance Scheme (LRS). 2) A resident who is on a visit to a foreign country for the period of stay abroad. The balance in the account should be repatriated to India ....