14E.7
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Nomination Facility
(i) RFC accounts shall have the nomination facility as in the case of resident rupee accounts.
(ii)On the death of a RFC account holder, the balance in the account may be repatriated to nominee(s) to the extent of his/their entitlement, if on the date of death of the account holder such nominee(s) is/are resident outside India. If any nominee is a person resident in India on the date of the death of the account holder, the amount may be paid to him/her in equivalent Indian rupees.
If the resident nominee desires to remit funds out of his share of the repatriable deposits of the deceased account holder, for meeting the latters liabilities abroad or for similar other purposes, the application may be forwarded to Reserve Bank. Such requests will be considered on merits.