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October 2011

A.P. (DIR Series) Circular No. 15, dated 15-9-2011 — Exchange Earners Foreign Currency (EEFC) Account and Resident Foreign Currency (RFC) account — Joint holder — Liberalisation.

By Gaurang Gandhi | Chartered Accountant
Reading Time 1 mins
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This Circular permits resident in India to include their non-resident close relative(s) (relatives as defined in section 6 of the Companies Act, 1956) as joint holder(s) in their EEFC/RFC bank accounts on ‘former or survivor’ basis. However, such nonresident Indian close relatives are not permitted to operate the said bank accounts during the life-time of the resident account holder.
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