Can an NRI returning to India deposit his income earned outside India in the Bank?
Yes, any NRI returning to India can deposit his income earned outside India in the Resident Foreign Currency Account (RFC A/C), although if the NRI decides,he can retain his income outside India . Under this scheme NRIs who were resident outside India for a continuous period of at least one year and have become resident after returning back to India are permitted to maintain this account in any freely convertible foreign currency for depositing his income earned outside India .(For details see relevant question above) The following amounts can be deposited in the RFC A/C – (i) Balances in Bank accounts outside India and interest thereon. (ii) Dividend, interest, profit earned on investment in foreign currency in the form of shares or securities. (iii) Rent etc. earned from Immovable property outside India. (iv) Foreign exchange earning through employment , business or vocation outside India which was taken up while stay abroad.
