By virtue of Reserve Bank Notification no. FERA. 7/74-RB dated 1st January 1974, rupee accounts with authorised dealers in India, of Persons, firms, companies (including banks), etc. indicated in paragraph 2 above are regarded as resident accounts. Such accounts will be opened by authorised dealers freely, provided, however, a declaration in form QA 22 has been completed and nature and sources of credits declared by the account holder do not indicate any intention to undertake transactions which may be contrary to the Indian Exchange Control regulations. Once the declaration has been furnished, operations on the accounts may be made freely.