Eligibility

FEATURES OF RFC (As Per Foreign Exchange Management Act w.e.f. 1.6.2000)
CURRENCY	US$, Pound Sterling, Deutsche Mark, JYen & Euro.
PERIOD	Minimum 1 month and Maximum 3 years
REPATRIABILITY	Fully repatriable during stay in India or upon again becoming non – resident
INTEREST	Compounded Half yearly..
MODE OF DEPOSITS	Foreign exchange brought in from abroad from NRE / FCNR Account remitted subsequently after return.
JOINT HOLDING	Permissible with other eligible persons
LOANS	Not available.
ELIGIBILITY	Overseas Indians retuning to India for permanent settlement after continuous stay abroad for one year or more
NOMINATION	Permissible with residents also.
TAXATION	Tax on the interest income from RFC is exempted till such time as the returning Indians maintained the status of “Resident but not Ordinary Resident” i.e. normally for a minimum period of 9 years.
UTILISATION	Can be utilized without any restrictions for any bonafide overseas payment including fresh investments in overseas immovable properties or shares /securities no approval required