Foreign Currency Accounts for project offices allowed with conditions; authorised dealers must ensure compliance and report to the regulator. Authorised Dealers may open non interest bearing Foreign Currency Accounts for Project Offices established with Reserve Bank permission, limited to one account per project; permitted credits are receipts from the project sanctioning authority and remittances from parent/group companies or international financiers, and debits only for project related expenditure. AD branches must ensure compliance and are subject to 100% concurrent audit. Intermittent remittances pending project winding up are allowed on submission of an auditor's certificate and an undertaking; reporting to the Reserve Bank regional office within two months and annual chartered accountant certification are required.
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Provisions expressly mentioned in the judgment/order text.
Foreign Currency Accounts for project offices allowed with conditions; authorised dealers must ensure compliance and report to the regulator.
Authorised Dealers may open non interest bearing Foreign Currency Accounts for Project Offices established with Reserve Bank permission, limited to one account per project; permitted credits are receipts from the project sanctioning authority and remittances from parent/group companies or international financiers, and debits only for project related expenditure. AD branches must ensure compliance and are subject to 100% concurrent audit. Intermittent remittances pending project winding up are allowed on submission of an auditor's certificate and an undertaking; reporting to the Reserve Bank regional office within two months and annual chartered accountant certification are required.
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