Banking · Foreign Exchange Management
Which of the following statements regarding the operational guidelines of Resident Foreign Currency (RFC) accounts are correct? Statement I: A person who was resident outside India and has returned to India for taking up employment or carrying on a business/vocation in India is eligible to open an RFC account. Statement II: The funds held in an RFC account are strictly prohibited from being used for making any investment in India. Statement III: Foreign exchange received by a resident as part of a death claim or settlement of a life insurance policy from an insurer outside India can be credited to an RFC account.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1I, II and III
- 2Only I and III✓
- 3Only I and II
- 4Only I
Correct answer
Only I and III
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