Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What is a Resident Foreign Currency A/C (RFC)?

April 26, 2017currency foreign resident rfc

0

Posted

What is a Resident Foreign Currency A/C (RFC)?

1 Answer

0

Posted

This is a Scheme permitting persons of Indian nationality or origin, who have returned to India for permanent settlement (Returning Indians), after being resident outside India for a continuous period of not less than one year, to open foreign currency accounts with banks in India for holding funds brought by them to India and their existing NRE/FCNR(B) deposits