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MEANING OF RFC ACCOUNT, PRESENT STRUCTURE OF RFC ACCOUNT, SOURCES OF FOREIGN EXCHANGE, IMPORTANT LEGAL LINK, UTILISATION OF FUNDS, PRACTICAL MEANING OF FREE UTILISATION, JOINT HOLDING FACILITY, TRANSFER OF NRE
What does RFC stand for in the context of foreign exchange accounts for individuals?
RFC stands for Resident Foreign Currency account, a scheme that allows returning Indians to hold and maintain foreign currency balances in India.
What is the full form of RFC as used in Indian foreign exchange regulations?
Resident Foreign Currency account maintained under FEMA.
Who is eligible to open an RFC account under FEMA?
A person resident in India who was previously a Non-Resident Indian (NRI) or a Person of Indian Origin (PIO) returning to India for permanent settlement is eligible to open an RFC account.
Which category of persons returning to India is eligible to open an RFC account?
Returning Non-Resident Indians who were NRIs or PIOs.
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