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of <h1>RBI Amends Rules: Indian Companies Can Maintain Foreign Currency Accounts Abroad for Overseas Branches, Subject to Conditions.</h1> The Reserve Bank of India has amended regulations allowing Indian companies, firms, or bodies corporate to maintain foreign currency accounts abroad for their overseas offices or branches. These accounts can be used for normal business operations, provided they do not create financial liabilities for the Indian head office. Surplus funds must be repatriated to India unless prior approval is obtained for investment abroad. Software exporters must repatriate specific portions of contract values. Details of overseas bank accounts must be reported to authorized dealers, who are instructed to inform relevant constituents of these regulations.
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