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of <h1>RBI Allows Ship-Manning Agencies to Open Non-Interest Foreign Currency Accounts for Crew Management Expenses in India.</h1> The circular issued by the Reserve Bank of India permits ship-manning and crew-management agencies in India, serving foreign shipping companies, to open non-interest bearing foreign currency accounts with authorized banks in India. These accounts can only be credited through inward remittances from overseas principals and debited for expenses related to ship and crew management. The accounts cannot be used for credit facilities, must adhere to Reserve Requirements, and are valid only during the agreement period. Amendments to existing regulations will be issued separately, and banks must inform relevant customers of these changes.
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