Foreign Currency Account eligibility and conditions for residents clarified, including remittance limits, tax compliance and mandatory repatriation. Regulation 7 permits specified residents - authorised dealers, Indian bank branches abroad, shipping/airline companies, insurers, exporters with approved projects, Indian entities operating overseas offices/branches/representatives, students, exhibition participants, deputed employees and Indian parties making overseas direct investments - to open, hold and maintain foreign currency accounts outside India subject to RBI and host country regulations, conditions on remittances and use, limits on funds for initial and recurring expenses, tax compliance for salary remittances, mandatory repatriation and account closure triggers, and rules governing utilisation and reporting for overseas direct investments.
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Foreign Currency Account eligibility and conditions for residents clarified, including remittance limits, tax compliance and mandatory repatriation.
Regulation 7 permits specified residents - authorised dealers, Indian bank branches abroad, shipping/airline companies, insurers, exporters with approved projects, Indian entities operating overseas offices/branches/representatives, students, exhibition participants, deputed employees and Indian parties making overseas direct investments - to open, hold and maintain foreign currency accounts outside India subject to RBI and host country regulations, conditions on remittances and use, limits on funds for initial and recurring expenses, tax compliance for salary remittances, mandatory repatriation and account closure triggers, and rules governing utilisation and reporting for overseas direct investments.
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