Fema
This query is : Resolved
Guest
Guest
(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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
