Section 5A in The Foreign Exchange Management (Foreign Currency Accounts By A Person Resident In India) Regulations, 2000
5A. [ Opening, holding and maintaining a Resident Foreign Currency (Domestic) Account.
(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).](2)[ Debits to the account shall be for payments towards a current account transaction in accordance with the provisions of the Foreign Exchange Management (Current Account Transactions) Rules, 2000 and towards a capital account transaction permissible under the Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000.(3)The account shall be maintained in the form of Current Account and shall not bear any interest.(4)There shall be no ceiling on the balances in the account.] [Inserted by G.S.R. 756(E), dated 1.11.2002 (w.e.f. 8.11.2002).][Inserted by Notification No. G.S.R. 915 (E) dated 25.9.2012 (w.e.f. 5.5.2000)]
