As an important step towards further liberalisation of foreign exchange facilities available to individual residents, it has been decided by Reserve Bank of India to permit a person resident in India to open, hold and maintain with a licensed Bank (which is also an Authorised Dealer) in India a Foreign Currency (Domestic) Account and foreign exchange acquired from any of the sources specified as under can be kept in this account by the resident.
Features & Benefits
Type of Account : Current account
Currency : Foreign Currency such as USD, GBP & EURO
Eligible credits : Out of Foreign Exchange acquired from the sources specified as above in the form of currency notes, bank notes and travellers cheques.
Eligible Debit : Payment towards current and capital account transactions in accordance with existing foreign exchange Regularities.
Ceiling : No upper ceiling on balances held in account is stipulated by Reserve Bank of India .
Interest : No interest will be payable on balances held in account
IBL Registration Number NSE: INE231308847
MCX Stock Exchange Limited: INE261314434 for dealing in currency derivatives segment