Resident Foreign
Currency (Domestic) Account - Facility for Resident Individuals
Resident Foreign Currency (Domestic) Account - Facility for Resident Individuals
Attention
of authorised dealers is invited to AP (DIR Series) Circular No. 37 dated
November 1, 2002 in terms of which, pending publication of the Notification by
the Government, they are required to forward the request received by them for
opening of Resident Foreign Currency (Domestic) Accounts to Regional Office of
the Reserve Bank with their recommendations.
2. Reserve
Bank has issued Notification No. FEMA74/2002-RB dated November 1, 2002 (copy
enclosed) amending its Notification No. FEMA10/2000-RB dated May 3, 2000
allowing a person resident in India to open, hold and maintain with an
authorised dealer in India a foreign currency account to be known as Resident
Foreign Currency (Domestic) Account out of foreign exchange acquired in the
form of currency notes, bank notes and travellers cheques.
3. Accordingly,
it will be in order for authorised dealers to open, hold and maintain such
account for a person resident in India subject to compliance with the terms and
conditions stipulated in the Notification and AP (DIR Series) Circular No. 37
referred to above.
4. Necessary
amendments may be carried out in Notification No. FEMA10/ 2000-RB dated May 3,
2000 as indicated in Notification No. FEMA74/2002-RB dated November 1, 2002.
5. Authorised
dealers may bring the contents of the circular to the notice of their
constituents concerned.
6. 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).