Fema
This query is : Resolved
CA Vijeta Verma
(Expert)
01 October 2013
RFC stands for Resident foreign currency Account(domestic).You will get more information from this link
rbidocs.rbi.org.in/rdocs/notification/PDFs/32420.pdf
rbidocs.rbi.org.in/rdocs/notification/PDFs/32420.pdf
Ajay Mishra
(Expert)
02 October 2013
Hi
As per Regulation 2(c) of Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000:
"'EEFC account', 'RFC account' mean the accounts referred to in the Foreign Exchange Management (Foreign currency accounts by a person resident in India) Regulations, 2000."
RFC accounts (Resident Foreign Currency) are bank accounts that can be maintained by resident Indians in foreign currency. These accounts are especially useful for Non Resident Indians (NRI) who return to India and would like to bring back foreign currency from their overseas bank accounts. In this article, let's take a look at the features of RFC accounts for returning NRIs.
As per Regulation 2(c) of Foreign Exchange Management (Borrowing or Lending in Foreign Exchange) Regulations, 2000:
"'EEFC account', 'RFC account' mean the accounts referred to in the Foreign Exchange Management (Foreign currency accounts by a person resident in India) Regulations, 2000."
RFC accounts (Resident Foreign Currency) are bank accounts that can be maintained by resident Indians in foreign currency. These accounts are especially useful for Non Resident Indians (NRI) who return to India and would like to bring back foreign currency from their overseas bank accounts. In this article, let's take a look at the features of RFC accounts for returning NRIs.
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