Foreign currency accounts for ship manning agencies allowed with specified remittance, reserve, and facility restrictions. Authorised Dealer Category I banks may permit ship manning and crew managing agencies in India to open non interest bearing foreign currency accounts for business transactions; credits only by inward remittances from the overseas principal through normal banking channels, debits for ship/crew management expenses, no credit facilities against funds in the account, banks must meet reserve requirements, no EEFC facility for these remittances, and accounts maintained only for the agreement's validity period.
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.
Foreign currency accounts for ship manning agencies allowed with specified remittance, reserve, and facility restrictions.
Authorised Dealer Category I banks may permit ship manning and crew managing agencies in India to open non interest bearing foreign currency accounts for business transactions; credits only by inward remittances from the overseas principal through normal banking channels, debits for ship/crew management expenses, no credit facilities against funds in the account, banks must meet reserve requirements, no EEFC facility for these remittances, and accounts maintained only for the agreement's validity period.
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