Undernoted credit transactions may be allowed in RFC Accounts by authorised dealers.

(a)Remittance in convertible foreign currency from outside India through normal banking channels representing

i)Funds in bank accounts outside India forming part of eligible assets held by the eligible person.

ii)Income such as dividend, interest, profit, rent, etc. earned on eligible assets held by the eligible person.

iii)Sale proceeds of eligible assets.

(b)Pension or other monetary benefits received from outside India in convertible foreign currency, through normal banking channels, arising out of employment taken up outside India by the eligible person prior to his returning to India.

(c)Interest earned on RFC account.

(d)Foreign currency notes/travellers cheques brought into India by the eligible person, provided that where the amount tendered exceeds US$ 10,000 or its equivalent or where the value of foreign currency/bank notes exceeds US$ 2500 or its equivalent they have been declared on the Currency Declaration Form (CDF) (cf. papragraph 7D.5).

(e)Transfers from other RFC accounts of the account holder.

(f) Balances in any NRE/FCNR Account (other than in NRE rupee accounts of persons resident in the erstwhile Bilateral Group countries which have been funded in non-convertible rupees) in the name of the eligible person standing to his credit at the time of his arrival in India. No penalty would be payable for premature withdrawal of NRE/FCNR deposits in such cases.

(g)Unutilised entitlement under any valid RIFEE permit or Reconversion facility granted by Reserve Bank (See paragraph 12.13).

(h)Unspent foreign exchange surrendered by the RFC accountholders provided authorised dealer is satisfied that the concerned foreign exchange/currency had in fact been released for travel etc. abroad by debit to the same RFC accounts and the amount of foreign exchange/currency is surrendered within the stipulated period as required under the Exchange Control regulations.