Temporary foreign currency accounts allowed for international events with prior administrative approval and restricted permitted transactions. Authorised dealers may open temporary foreign currency accounts for organisers of international seminars, conferences and conventions where the organiser has obtained prior approval from the concerned Administrative Ministry; permitted credits are inward remittances for registration fees, grants, sponsorships and donations, and permitted debits are payments to foreign invitees (travel, hotel, honoraria), refunds, bank charges and conversion into rupees. All other transactions require Reserve Bank approval and the account must be closed immediately after the event.
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.
Temporary foreign currency accounts allowed for international events with prior administrative approval and restricted permitted transactions.
Authorised dealers may open temporary foreign currency accounts for organisers of international seminars, conferences and conventions where the organiser has obtained prior approval from the concerned Administrative Ministry; permitted credits are inward remittances for registration fees, grants, sponsorships and donations, and permitted debits are payments to foreign invitees (travel, hotel, honoraria), refunds, bank charges and conversion into rupees. All other transactions require Reserve Bank approval and the account must be closed immediately after the event.
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