FEFI · FOREIGNEXCHA

MEANING OF RFC(D) ACCOUNT, WHO CAN OPEN THIS, PRESENT FORM OF THE ACCOUNT, ELIGIBLE CREDITS, ELIGIBLE DEBITS, MONTH-END CONVERSION RULE, JOINT

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Q

What does RFC(D) stand for in the context of foreign exchange accounts?

A

RFC(D) stands for Resident Foreign Currency (Domestic) Account, a special account permitted by RBI for resident individuals to hold foreign currency earnings domestically.

Q

What is the full form of RFC(D) account?

A

Resident Foreign Currency (Domestic) account

Q

Who is eligible to open an RFC(D) account under FEMA regulations?

A

A resident individual who has received foreign exchange from permissible sources such as foreign travel encashment proceeds, honoraria, gifts, or earnings received abroad is eligible to open an RFC(D) account.

Q

Under which act is the RFC(D) account regulated in India?

A

Foreign Exchange Management Act (FEMA), 1999

Q

Under which regulation are RFC(D) accounts governed in India?

A

RFC(D) accounts are governed under the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, administered by the Reserve Bank of India.

Q

Which type of resident individual is primarily eligible to open an RFC(D) account?

A

Resident individuals who receive foreign exchange legally

Q

Can a Non-Resident Indian (NRI) returning to India open an RFC(D) account?

A

No, an NRI returning to India who becomes a resident should open an RFC account (not RFC(D)); the RFC(D) is specifically for resident individuals holding small foreign currency amounts from permissible domestic receipts.

Q

Can foreign currency coins be credited to an RFC(D) account?

A

No, only foreign currency notes are permitted

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FEFI FOREIGNEXCHA

MEANING OF RFC(D) ACCOUNT, WHO CAN OPEN THIS, PRESENT FORM OF THE ACCOUNT, ELIGIBLE CREDITS, ELIGIBLE DEBITS, MONTH-END CONVERSION RULE, JOINT
Previous chapter WHAT THIS TOPIC MAINLY COVERS, FEMA DECLARATION - CORE MEANING, MEANING OF NRI, MAIN SCHEMES AVAILABLE TO NRIS ELIGIBLE NON - RESIDENTS, PERMISSIBLE CREDITS AND DEBITS Next chapter MEANING OF EEFC ACCOUNT, LEGAL BASE AND BASIC CONCEPT, IMPORTANT DEFINITIONS, WHO CAN OPEN AN EEFC ACCOUNT, FEATURES OF EEFC, ACCOUNT TYPE AND INTEREST RULE, HOW MUCH FOREIGN EXCHANGE CAN BE CREDITED, WHY IS EEFC USEF

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