RESIDENT FOREIGN CURRENCY ACCOUNT-FEMA

Querist : Anonymous (Querist) 23 October 2010 This query is : Resolved
CAN ANY FEMA/RBI EXPERT TELL ME HOW LONG AN INDIAN RESIDENT MAINTAIN RFC ACCOUNT IN INDIA.

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s.subramanian (Expert) 03 November 2010
Query for CA club.

Parthasarathi Loganathan (Expert) 03 November 2010
Resident Foreign Currency (Domestic) Account:

Resident Indians and Foreign Currency Holding foreign currency is no longer restricted to the NRIs. For the first time Reserve Bank of India has allowed Resident Indians to maintain foreign currency accounts without any ceiling to it. This step is considered as a continuation of RBIs gradual endevour towards achieving 'Full Capital Convertibility'.

Hence there is no time limit to maintain a RFC account in India as long as you are a resident.

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