(i)Opening of accounts expressed in foreign currency with authorised dealers in India by non-residents/residents require general or special permission of Reserve Bank. Non-resident individuals/entities are permitted to maintain foreign currency accounts/deposits in India under special schemes. Reserve Bank has also granted general permission for opening of foreign currency accounts in India to residents/returning Indians under different schemes. Non-residents/resident firms/companies are also permitted to open foreign currency accounts with authorised dealers in India for certain specified purposes. The various schemes and the purposes for which authorised dealers have been permitted to open foreign currency accounts in India have been discussed in this Chapter.

(ii)Applications for permission to open foreign currency accounts with authorised dealers in India in other cases should be referred to Reserve Bank with full particulars.