Section 5A(1) in The Foreign Exchange Management (Foreign Currency Accounts By A Person Resident In India) Regulations, 2000
(1)[A resident individual][may open, hold and maintain with an authorised dealer in India a foreign currency account, to be known as Resident Foreign Currency (Domestic) Account, out of foreign exchange acquired in the form of currency notes, bank notes and travellers cheques-- [Inserted by G.S.R. 756(E), dated 1.11.2002 (w.e.f. 8.11.2002).](a)while on a visit to any place outside India by way of payment for services not arising from any business in or anything done in India; or(b)from any person not resident in India and who is on a visit to India, as honorarium or gift or for services rendered or in settlement of any lawful obligation; or(c)by way of honorarium or gift while on a visit to any place outside India; or(d)represents the unspent amount of foreign exchange acquired by him from an authorised person for travel aboard;(e)[ as gift from a close relative.Explanation. - For the purpose of this clause, "close relative" means relative as defined in section 6 of the Companies Act, 1956;(f)by way of earning through export of goods/services, or as royalty, honorarium or by any other lawful means;(g)representing the disinvestment proceeds received by the resident accountholder on conversion of shares held by him to ADRs/DGRs under the Sponsored ADR/GDR Scheme approved by the Foreign Investment Promotion Board of Government of India;](h)[ by way of earning received as the proceeds of life insurance policy claims/maturity/surrender values settled in foreign currency from an insurance company in India permitted to undertake life insurance business by the insurance regulatory and development authority.] [Inserted by G.S.R. 13(E), dated 1.1.2004 (w.e.f. 7.1.2004).]
