Can NRIs hold funds acquired overseas in foreign currency account in India?
A22. Yes. They can be held in RFC (Resident Foreign Currency ) Accounts. Q23. What amounts can be credited to RFC A/c? A23. 1) Sale / maturity proceeds of assets held abroad & income on them 2) Pension received abroad 3) Currency notes / TCs brought into India at the time of returning to India 4) Balances in FCNR / NRE a/cs. Q24. Can the proceeds of NRE / FCNR a/cs be credited to RFC a/cs by premature closure? A24. Yes. No penalty for premature closure will be levied, for credit to RFC a/cs. However, the deposit so closed will earn interest at the rate applicable for the period for which it has run. Q25. Can foreign currency notes be credited into an RFC account? A25. Yes. If the amount exceeds US$5000 or its equivalent, it should have been declared in the currency declaration form. Q26. Can Travellers cheques be credited into an RFC account? A26. Yes. If the amount exceeds US$10,000 or equivalent, it should have declared in the CDF (Currency Declaration form). Q27. Can a person who re
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- Can NRIs hold funds acquired overseas in foreign currency account in India?
