What is the Resident Foreign Currency Account Scheme?
Question: What is the Resident Foreign Currency Account Scheme?
- 1212 Days ago
- NRI Accounting - Business and Finance
Answer(s)
Raju Kanumuri: This is a Scheme drawn up by the Reserve Bank permitting Returning Indians to open foreign currency accounts with banks in India for holding funds brought by them to India. This facility replaces the earlier (RIFEE) facility.
Source : Reserve Bank Of India
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