RFC, RFC-D A_c, Letter of Credit, Bill of Lading, Packing credit, DDA, FEDAI Rules, ADR GDR
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What does RFC stand for in the context of NRI accounts?
RFC stands for Resident Foreign Currency account, a scheme that allows returning NRIs to park their foreign currency savings in India after becoming residents.
What is the minimum balance requirement for maintaining an RFC account?
No minimum balance is prescribed by RBI for RFC accounts.
Who is eligible to open an RFC account in India?
A person who was a Non-Resident Indian (NRI) or a Person of Indian Origin (PIO) and has returned to India for permanent settlement is eligible to open an RFC account.
Can interest earned on RFC accounts be repatriated freely?
Yes, interest earned on RFC accounts is fully repatriable.
In what currencies can an RFC account be maintained?
RFC accounts can be maintained in any permitted foreign currency, typically USD, GBP, EUR, and other major convertible currencies as approved by RBI.
What is the full form of RFC-D account?
Resident Foreign Currency (Domestic) account.
What is an RFC-D account and how does it differ from a regular RFC account?
RFC-D (Resident Foreign Currency – Domestic) is a special account for individuals who receive foreign currency as a gift or inheritance from a close relative abroad; unlike the regular RFC account, it is not restricted to returning NRIs.
Who can open an RFC-D account in India?
Resident Indians holding foreign currency notes or coins.
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