Who can open an RFC account ?
RFC accounts can be opened by persons of Indian nationality or origin who have returned to India on or after April 18, 1992 for permanent settlement after being resident outside India for a continuous period of not less than 1 year. RFC accounts can be maintained in any convertible currency. Q4) What moneys can be deposited in an RFC account ? A) The entire amount of foreign exchange brought to India as well as the balance standing to the credit of NRE/FCNR can be credited to RFC accounts. Foreign currency notes/travelers cheque can also be credited to RFC accounts provided the quantum of exchange has been declared to customs at the time of arrival on the Currency Declaration Form (CDF) if the exchange exceeds USD 10,000/- or its equivalent. Q5) Are there any rules governing the use of funds deposited in an RFC account? A) Funds in an RFC account can be freely utilised for : • Local disbursement in Indian Rupees in India. • Bonafide purposes of the account holder or his dependent, e.g.
