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Resident Foreign Currency (Domestic) Account - Facility for Resident
Individuals
A.P.
(DIR Series) Circular No. 64 dated 24th December 2002
Attention
of authorised dealers is invited to A.P. (DIR Series) Circular No. 53 dated
November 23, 2002 and Notification No. FEMA 74/2002-RB dated November 1, 2002,
in terms of which residents are permitted to open, hold and maintain, with an
Authorised dealer in India, a Resident Foreign Currency (Domestic) Account out
of foreign exchange acquired in the form of currency notes, bank notes and
travellers cheques for certain specified purposes.
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).
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