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.
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 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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