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RESIDENT FOREIGN CURRENCY [DOMESTIC] ACCOUNT [RFCD]
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Types
of account you can open : Non interest bearing Current Account in
Foreign currency.
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A
person resident in India can open an RFCD account out of foreign
exchange acquired in the form of currency notes, bank notes and
travelers cheques from the following sources:
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Acquired
while on a visit to any place outside India by way of payment for
services not arising from any business in or anything done in India; or
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Acquired
from any person not resident in India and who is on a visit to India,
as honorarium or gift or for services rendered or in settlement of any
lawful obligation; or
- Acquired
by way of honorarium or gift while on a visit to any place outside
India; or
- Unspent
amount of foreign exchange acquired by him from an authorised person
for travel abroad; or
- Unspent
amount of foreign exchange received as allowance by Pilots/Crew
Members/Mariners etc., of Indian Airline/Shipping companies
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Foreign
exchange earnings through export of goods and/or services,
royalty/honorarium etc. by resident individuals; or
- Insurance
claims/maturity value settled in foreign currency.
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Gifts
received from close relatives viz.,
a.
Husband and Wife
b.
Father/Mother (including step-mother)
c.
Fathers’ father/Father’s mother/Mother’s mother/ Mother’s father
d.
Son (including step-son)/Daughters (including step-daughter)
e.
Son’s wife/Son’s son/Son’s son’s wife/Son’s daughter/Son’s
daughter’s husband
f.
Daughter’s husband/Daughter’s son/Daughter’s son’s
wife/Daughter’s daughter/Daughter’s daughter’s husband
g.
Brother (including step-brother)/Brother’s wife
h.
Sister (including step-sister)/Sister’s husband.
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