Consider the following statements regarding Resident Foreign Currency (Domestic) [RFC(D)] accounts: Assertion (A): A resident individual who has opened an RFC(D) account can use the funds to buy immovable property in a foreign country without any limit. Reason (R): The RFC(D) account is a current account maintained in foreign currency and remittances/utilization are subject to the overall ceiling and guidelines under FEMA and the Liberalised Remittance Scheme (LRS). Select the correct answer:

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Economics · Foreign Exchange Regulations and RFC(D) Accounts

Verified Solution4 OptionsUpdated: October 2026👁️1 View

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A is false but R is true.

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A is false but R is true.

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Both A and R are true but R is not the correct explanation of A.

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