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 the Resident Foreign Currency (RFC) Accounts Scheme?

April 26, 2017accounts currency foreign resident rfc Scheme

0

Posted

What is the Resident Foreign Currency (RFC) Accounts Scheme?

2 Answers

0

Posted

A- This is a Scheme by RBI permitting persons of Indian nationality or origin, who have returned to India on or after 18th April 1992 for permanent settlement (Returning Indians), after being NRI for a continuous period of not less than one year.

0

Posted

This is a Scheme initiated by the Reserve Bank for persons of Indian nationality or origin, who have returned to India on or after 18th April 1992 for permanent settlement, having stayed outside India for a continuous period of not less than one year. The scheme allows them to open foreign currency accounts with banks in India for holding funds brought by them to India. Persons who have returned to India before 18th April 1992 can also open RFC account if (a) they are holding foreign currency assets abroad with Reserve Bank’s permission or (b) are in receipt of pension or other monetary benefits from their erstwhile employers abroad.