Foreign Exchange Management Regulations
The Reserve Bank of India has issued regulations for foreign currency accounts held by persons resident in India.
Restrictions: A person resident in India is restricted from holding a foreign currency account, except as permitted under these regulations.
Types of Accounts: The following types of foreign currency accounts can be opened, held, and maintained in India:
(A) Exchange Earners’ Foreign Currency Account
(B) Resident Foreign Currency Account
(C) Resident Foreign Currency (Domestic) Account
(D) A Unit in a Special Economic Zone (SEZ)
(E) Diamond Dollar Accounts (DDAs)
(F) Exporters
(G) Other cases
Accounts outside India: The following types of foreign currency accounts can be opened, held, and maintained outside India:
(A) Accounts of authorised dealers or their branches
(B) Account by a company/ firm in the name of its office/ branch/ representative outside India
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