Opening, maintenance and operations of foreign currency accounts
abroad by residents require prior approval of the Reserve Bank. The
Reserve Bank permission is also necessary for acquisition, holding and
disposal of foreign securities or immovable properties abroad by
residents. This equally applies to Returning Indians. Returning Indians
are the residents abroad who have returned to India and who wish to
continue to hold their assets abroad, which were acquired by them while
they were residing outside India.
In the context of liberalization of exchange control regulations, the
Reserve Bank has granted general permission to Returning Indians and to
certain other residents to continue to hold their foreign currency
assets abroad subject to certain conditions. This pamphlet attempts to
explain, in question-and-answer form, current provisions regarding
procedural formalities and the scope of the various exemptions granted
by the Reserve Bank on the subject.
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