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of <h1>Indian residents can open foreign currency accounts abroad under FEMA Regulation 7 with specific conditions</h1> Regulation 7 of FEMA 2000 governs opening and maintaining foreign currency accounts outside India by Indian residents. Authorized dealers, overseas branches of Indian banks, shipping/airline companies, and insurance corporations may open such accounts for business purposes. Indian entities can maintain accounts for overseas operations within specified limits based on turnover or net worth. Students and exhibition participants may open temporary accounts with repatriation requirements. Foreign nationals employed in India and Indian parties making overseas direct investments are permitted to maintain foreign currency accounts subject to compliance with income tax obligations and regulatory conditions.
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