What funds can be credited to RFC Fixed Deposit?
The entire amount of Foreign Exchange Assets acquired or held while you were resident outside India. This could be in the form of deposits in banks outside India, investments in foreign currency, shares and securities or immovable properties situated outside India or investments in business etc. outside India. It includes foreign exchange earnings through employment, business or vocation outside India commenced by the NRI while he was resident outside India. Also, all balances standing to the credit of their NRE/FCNR Accounts at the time of return can be credited to RFC Accounts. NRIs bringing Foreign Currency Notes & Traveller’s Cheques will have to submit a Currency Declaration Form (CDF) to the customs authorities on arrival in India if the foreign currency notes exceed USD 5,000/- or combined value of Traveller’s Cheques and notes exceed USD 10,000/-. You must produce the Currency Declaration Form for endorsement by the bank when you submit the money for opening/credit to an accoun
