Foreign currency accounts for SEZ units: permits accounts subject to bona fide trade use and prohibition on lending to non-SEZ residents. A unit in a Special Economic Zone may open and maintain a Foreign Currency Account with an authorized dealer in India, provided all foreign exchange ... Summary
Foreign currency accounts for SEZ units: permits accounts subject to bona fide trade use and prohibition on lending to non-SEZ residents.
A unit in a Special Economic Zone may open and maintain a Foreign Currency Account with an authorized dealer in India, provided all foreign exchange receipts of the unit are credited thereto; foreign exchange purchased in India against rupees requires Reserve Bank permission before credit; funds are to be used for bona fide trade transactions of the SEZ unit; balances are exempt from Rule 5 restrictions except items 3 and 4 of Schedule III of GSR.381(E); and funds in the account shall not be lent or made available to residents in India who are not SEZ units.
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