Scope of RFC (D) accout widened

Reserve Bank of India which has allowed resident Indians to open, hold and maintain foreign currency account called Resident Foreign Currency (Domestic) account RFC (D).

 In the latest amendments to the said account the resident Indian can open, hold and maintain RFC (D) account out of foreign exchange represented by the disinvestment proceeds on coversion of shares to ADRs/GDRs under the sponsored ADR/GDR scheme.

RBI has also allowed person resident in India to open RFC (D) account out of earnings through export of goods/service or as royalty, honorarium or by any other lawful means.