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Back to Top of Index Question-113: What is Resident Foreign Currency Account Scheme ?

April 26, 2017account currency foreign index resident Scheme

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Back to Top of Index Question-113: What is Resident Foreign Currency Account Scheme ?

1 Answer

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10 Posted

This is a Scheme approved by Reserve Bank permitting NRIs, who have returned to India for permanent settlement (Returning Indians), to open foreign currency accounts with banks in India for holding funds brought by them to India. To be eligible for the facility, the person should have been resident outside India for a continuous period of not less than one year.