A Resident Foreign Currency account can be opened by individuals who come back to India after their stay abroad; by non-resident Indians (NRIs) and persons of Indian origin (PIOs/OCIs) seeking to maintain foreign currency holdings in India; and those eligible for foreign exchange remittances like pensions, salaries, or proceeds from overseas asset sales.
NRIs have a plethora of investment options in India, ranging from equities and mutual funds to fixed deposits and debt funds. Understanding tax implications and staying updated on DTAA agreements are crucial for effective investment planning.
If you have been living outside India for more than 10 years, you may qualify as ‘non resident’ under the India Income-tax law and exchange control law.
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