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What is the Resident Foreign Currency Account Scheme?

April 26, 2017account currency foreign resident Scheme

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What is the Resident Foreign Currency Account Scheme?

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– This is a Scheme drawn up by the Reserve Bank permitting Returning Indians to open foreign currency accounts with banks in India for holding funds brought by them to India. This facility replaces the earlier (RIFEE) facility.

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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 against the proceeds held in NRE/FCNR accounts of Funds remitted from abroad.