Foreign currency accounts: additional account allowed for project offices subject to same terms and maintained with same AD bank. Foreign companies with project offices in India may open an additional foreign currency account for each project, subject to the same terms and conditions as the existing account, provided both accounts are maintained with the same Authorized Dealer Category I bank; other conditions remain unchanged, the measure is effective immediately, amendments to FEMA regulations will follow, and the directions are issued under the Foreign Exchange Management Act.
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Foreign currency accounts: additional account allowed for project offices subject to same terms and maintained with same AD bank.
Foreign companies with project offices in India may open an additional foreign currency account for each project, subject to the same terms and conditions as the existing account, provided both accounts are maintained with the same Authorized Dealer Category I bank; other conditions remain unchanged, the measure is effective immediately, amendments to FEMA regulations will follow, and the directions are issued under the Foreign Exchange Management Act.
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