Banking · Foreign Exchange Accounts
Consider the following statements regarding the Resident Foreign Currency (Domestic) – RFC (D) Account: Statement I: Foreign exchange received as honorarium during a visit abroad can be credited to an RFC (D) account. Statement II: An RFC (D) account can be opened by any person residing outside India. Statement III: Balances in the RFC (D) account can be used for both current and capital account transactions permitted under FEMA. Which of the above statements is/are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Only I and II
- 2Only II and III
- 3Only I and III✓
- 4I, II, and III
Correct answer
Only I and III
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