CIR. NO.64/2002-03-RB, DT. 24/12/2002
- Document type
- Circular
- Reference no.
- C
- Dated
- Category
- A.P. (DIR Series) Circulars
Resident Foreign Currency (Domestic) Account Facility for Resident Individuals
Resident Foreign Currency (Domestic) Account Facility for Resident Individuals
2. It has now been decided that besides the purposes and the manner indicated in the above notification, Resident Foreign Currency (Domestic) Account may also be credited with/opened out of, foreign exchange earned and/or gifts received from close relatives (as defined in the Companies Act) and repatriated to India through normal banking channels by resident individuals. Foreign exchange earnings could be through export of goods and/or services, royalty, honorarium, etc.
3. Necessary amendments to Notification No.FEMA.74/ 2002-RB dated November 1, 2002 are being issued separately.
4. Authorised Dealers may bring the contents of the circular to the notice of their constituents concerned.
5. The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999).
Yours faithfully,
G. Padmanabhan
Officer-in-Charge