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of <h1>RBI Allows Exporters to Open Foreign Currency Accounts for Overseas Contracts, Prohibits Overdrafts and Rupee Loans.</h1> The Reserve Bank of India issued a circular allowing project or service exporters residing in India to open and maintain foreign currency accounts either domestically or abroad for executing overseas contracts. Each project requires a separate account, and overdrafts or rupee loans against these accounts are prohibited. Exporters can pay Indian suppliers in foreign currency from these accounts, provided they do not claim export benefits and comply with FEMA 1999 procedures. The circular outlines conditions for account management, including permissible credits and debits, investment of surplus funds, and account closure upon project completion. These directives are under the Foreign Exchange Management Act, 1999.
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