Section 4(3) in The Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2015
(3)Resident individuals are permitted to include resident relative(s) as joint holder(s) in their Resident Foreign Currency account on 'former or survivor' basis. However, such resident Indian relative joint account holder shall not be eligible to operate the account during the life time of the resident account holder.Explanation. - For the purpose of this sub-regulation, the expression 'relative' shall have the same meaning as assigned to it under section 2(77) of the Companies Act, 2013.(C)Resident Foreign Currency (Domestic) Account. - (1) A resident Individual may open, hold and maintain with an Authorized 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 travelers' cheques as under:(a)by way of payment for services not arising from any business in or anything done in India while on a visit to any place outside 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)in the form of unspent amount of foreign exchange acquired by him from an authorized person for travel abroad; or(e)as gift from a relative;Explanation. - For the purpose of this sub-regulation, the expression 'relative' shall have the same meaning as assigned to it under section 2(77) of the Companies Act, 2013.(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 account holder on conversion of shares held by him to ADRs/ GDRs under the DR Scheme, 2014 approved by the Government of India.(h)by way of earnings 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
