Are there any rules governing the use of funds deposited in an RFC account?
Funds in an RFC account can be freely utilised for : • Local disbursement in Indian Rupees in India. • Bonafide purposes of the account holder or his dependent, e.g. travel/tours, medicine, education, etc. • Repatriation for the purpose of servicing assets abroad. • To open NRE/FCNR accounts, if the returning NRI goes abroad again – for employment/business/vocation.
Related Questions
- How does a lawyer or law firm determine which client funds should be deposited in a pooled COLTAF account and which should be invested on behalf of individual clients?
- Instead of receiving a monthly interest check from my Certificate of Deposit Account, can I have the funds deposited directly into a DDA or Money Market Account (MMA)?
- Are there any rules governing the use of funds deposited in an RFC account?
