Can a Resident Indian maintain Foreign currency accounts in India?
A resident Indian can maintain a Foreign Currency (Domestic) Account and deposit Foreign Exchange acquired from any of the sources approved by Reserve bank of India e.g. . Unspent BTQ, honorarium or gift / payment for services while on a visit outside India or received from a person not resident in India or who is on visit to India in settlement of a lawful obligation etc.
A resident Indian can maintain a Foreign Currency (Domestic) Account and deposit Foreign Exchange acquired from any of the sources approved by Reserve Bank of India, e.g. unspent BTQ, honorarium or gift / payment for services while on a visit outside India or received from a person not resident in India or who is on visit to India in settlement of a lawful obligation etc.
Related Questions
- Whether minor resident Individuals would be permitted to open, maintain and hold such foreign currency accounts if the same is permissible as per local law in the country of the overseas branch?
- Can a foreign national or non Indian origin resident outside India acquire any immovable property in India by way of purchase?
- Can a Resident Indian maintain Foreign currency accounts in India?
