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Question: What is the Resident Foreign Currency Account Scheme?
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
Q: Are persons resident in India required to surrender foreign exchange acquired/held by them?
A: Yes. Residents receiving foreign exchange from abroad by way of gift, inheritance, remuneration for services rendered, etc. are required to bring it to India within three months acquiring the...
Q: Are Returning Indians permitted to acquire fresh foreign currency assets by remittance from India?
A: Yes, provided the funds for the purpose are drawn out of their Resident Foreign Currency Accounts Source : Reserve Bank Of India
Q: Do resident donees or legal heirs require the Reserve Bank permission to receive or hold foreign currency assets by way of gift or inheritance from Returning Indians or from those holding assets since prior to July 8, 1947 with the permission of the ..?
A: No. Resident donees or legal heirs of the persons covered under the general permission/exemption granted by the Government of India can continue to maintain their foreign currency assets provided...
Q: What funds can be credited to RFC accounts of Returning Indians?
A: The Returning Indians can credit to RFC accounts, the entire amount of foreign exchange brought to India at the time of their return to India for permanent settlement as well as the balances...
Q: Who is a person of Indian Origin?
A: For the purposes of Availing of the facilities of opening and maintenance of bank accounts and investments in shares/securities in India: A foreign citizen (other than a citizen of Pakistan or...
Q: Are OCBs required to produce any certificate regarding ownership / beneficial interest in them by NRIs?
A: Yes. In order to establish that the ownership/beneficial interest in any OCB held by NRIs is not less than 60%, the concerned body/ trust is required to furnish a certificate from an overseas...
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