Persons of Indian nationality/origin returning to India for permanent settlement and satisfying the requirements laid down in category (i) of paragraph 12.3(B) would be eligible for continuing to maintain their existing foreign currency accounts with banks abroad or to open fresh accounts to deposit the eligible funds in such accounts. They can also retain eligible funds in Resident Foreign Currency(RFC)Accounts with an authorised dealer in India (see Part E of Chapter 14). However, persons who do not satisfy the conditions laid down in paragraph 12.3(B) e.g. persons returning to India after short assignments abroad of less than one year, should arrange to close their foreign currency accounts, if any, maintained by them during their stay abroad and transfer the balances therein to India within three months from the date of their arrival in the manner laid down in paragraph 12.2. Reserve Bank may agree, on application, in deserving cases to the retention of the foreign currency accounts abroad for a slightly longer period in order to facilitate settlement of outstanding dues, collection of income-tax refund, etc. subject to the balance being eventually repatriated to India. Applications for this purpose may be made in form FAD 1. They will also be permitted, on application, to keep funds in RFC accounts with an authorised dealer in India (See paragraph 14E.2).