Foreign currency accounts: authorised dealers may permit foreign entities to maintain accounts for business and settlement purposes. Regulation 7 governs deposits and accounts maintained by an authorised dealer, requiring adherence to Reserve Bank directions for deposits with overseas branches or correspondents. It permits foreign shipping and airline companies to hold Foreign Currency Accounts for local expenses limited to specific credit sources, allows unincorporated joint ventures to maintain non-interest bearing foreign currency and SNRR accounts tied to contract tenure, enables foreign-resident accounts for export-import value adjustment with prior Reserve Bank approval, and provides for investor and margin accounts subject to Reserve Bank directions and applicable regulations.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Foreign currency accounts: authorised dealers may permit foreign entities to maintain accounts for business and settlement purposes.
Regulation 7 governs deposits and accounts maintained by an authorised dealer, requiring adherence to Reserve Bank directions for deposits with overseas branches or correspondents. It permits foreign shipping and airline companies to hold Foreign Currency Accounts for local expenses limited to specific credit sources, allows unincorporated joint ventures to maintain non-interest bearing foreign currency and SNRR accounts tied to contract tenure, enables foreign-resident accounts for export-import value adjustment with prior Reserve Bank approval, and provides for investor and margin accounts subject to Reserve Bank directions and applicable regulations.
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