BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Scheduled commercial banks
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Public sector banks
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Private sector Banks
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Regional Rural banks
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Detailed explanation-1: -A Resident Foreign Currency account in India can be maintained by a Non-resident Indian who has returned home for permanent settlement, after staying abroad for a minimum period of one year. An RFC account can be opened without any regulatory approval from the Reserve Bank of India.
Detailed explanation-2: -Only individual Indian residents are permitted to remit funds under LRS. Corporates, partnership firms, HUF, trusts, etc are excluded from its ambit. However, it is available to minors, provided that Form A2 is countersigned by the minor’s natural guardian. What types of transactions are permitted?
Detailed explanation-3: -Q6. Can a resident continue to maintain an account outside India which was opened by him when he was a non-resident? Answer: A person resident in India may maintain a foreign currency account outside India if he had opened it when he was resident outside India or inherited it from a person resident outside India.