Is any permission from Reserve Bank required for opening such accounts with authorised dealers?

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Is any permission from Reserve Bank required for opening such accounts with authorised dealers?

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• No. • In which currencies can RFC accounts be maintained? • RFC accounts can be maintained in any convertible currency. • What funds can be credited to RFC accounts of Returning Indians? • The entire amount of foreign exchange brought to India at the time of their return to India for permanent settlement as well as the balances standing to the credit of their NRE and FCNR accounts at the time of return can be credited to RFC accounts. However, the foreign exchange brought to India in the form of foreign currency notes/bank notes/travellers cheques should have been declared to Customs at the time of arrival on the Currency Declaration Form( CDF) if it exceeded U.S. $ 10,000 or its equivalent. In the case of foreign currency/bank notes, such a declaration on form CDF is compulsory if the amount exceeds U.S. $ 2,500 or its equivalent. • Can income received from their overseas assets in the form of dividends etc. or sale proceeds of such assets be credited to RFC accounts? • Yes. The ent

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