Foreign currency accounts: permitted for foreign shipping and airlines, project offices and eligible firms subject to RBI and policy conditions. Regulation 6 permits foreign shipping and airline companies or their agents to open and maintain foreign currency accounts in India with authorized dealers for local expenses, provided credits are confined to freight or passage fare collections in India or inward remittances from overseas offices or principals. Authorized dealers, subject to Reserve Bank directions, may allow ship manning/crew managing agencies and project offices to maintain non interest bearing foreign currency accounts, and Authorised Dealer Category I banks may permit eligible firms to maintain Diamond Dollar Accounts under the DDA Scheme.
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: permitted for foreign shipping and airlines, project offices and eligible firms subject to RBI and policy conditions.
Regulation 6 permits foreign shipping and airline companies or their agents to open and maintain foreign currency accounts in India with authorized dealers for local expenses, provided credits are confined to freight or passage fare collections in India or inward remittances from overseas offices or principals. Authorized dealers, subject to Reserve Bank directions, may allow ship manning/crew managing agencies and project offices to maintain non interest bearing foreign currency accounts, and Authorised Dealer Category I banks may permit eligible firms to maintain Diamond Dollar Accounts under the DDA Scheme.
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