Banking · Foreign Exchange Management
In India, Resident Foreign Currency (Domestic) or RFC(D) accounts serve specific provisions under foreign exchange regulations. Which of the following is a correct provision regarding an RFC(D) account?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Only 25 percent of the honorarium received for services rendered outside India can be credited to this account
- 2The account allows for an unlimited amount of foreign currency cash deposits without any declaration of source
- 3The account is a non-interest bearing current account and can be credited with foreign exchange received as a gift from a close relative✓
- 4Foreign exchange earned through illegal betting or gambling abroad can be credited if the amount is less than USD 1000
Correct answer
The account is a non-interest bearing current account and can be credited with foreign exchange received as a gift from a close relative
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