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| Date : 03 Jun 2005 | | Resident Foreign Currency (RFC) accounts | | Part E (Ch.14) | | 14E.1
A scheme known as 'Resident Foreign Currency Accounts (RFC accounts) Scheme' has been
drawn up by Reserve Bank in pursuance of Government of India Notification No. F.10/22/90/NRI Cell dated 17th July 1992 and Reserve Bank Notifications Nos. FERA.116, 117 and 118 /92-RB dated 7th September 1992 to enable eligible returning Indians to open and maintain foreign currency accounts with authorised dealers in India. The Scheme has been reproduced in Annexure II. Reserve Bank has also granted exemption from the prohibition imposed under Section 24 of FERA 1973 in respect of gift of foreign exchange held in India/abroad or of any property held abroad in certain cases referred to in its Notification No. FERA 165/95-RB dated 28th April 1995. |
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