In the following circumstances, a resident individual can open a foreign currency account with a bank outside of India:

  1. A resident student who has travelled to another country to study for a length of time. All credits to the account from India must be made in compliance with the FEMA and its rules and regulations. The account will be deemed to have been opened under the Liberalized Remittance Scheme when the student returns to India after completing his or her education (LRS).
  2. A resident who is visiting a foreign country for the purpose of staying there for a length of time. When the account holder returns to India, the amount in the account should be repatriated.
  3. A person who travels to another country to engage in an exposition or trade show in order to credit the sale earnings of items. The remaining funds must be returned to India within one month of the exhibition/trade fair’s conclusion.
  4. The following individuals for the purpose of remitting/receiving their complete wage due to them in India:
    An Indian citizen who is an employee of a foreign company on deputation to the office/ branch/ subsidiary/ joint venture/ group company in India; and a foreign citizen who is a resident in India and is employed with an Indian company.
  5. In order to transfer remittances under the Liberalized Remittance Scheme.