Foreign currency accounts by ship-manning agencies: permitted in India with restricted credits, no credit facilities, and limited duration. Ship manning and crew management agencies rendering services to overseas shipping or airline companies may open non interest bearing foreign currency accounts with AD Category I banks in India; credits limited to freight/passage collections or inward remittances from the overseas principal, debits limited to local ship/crew management expenses, no credit facilities against account balances, no EEFC facility, banks to meet reserve requirements, and accounts allowed only during the agreement's validity.
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 by ship-manning agencies: permitted in India with restricted credits, no credit facilities, and limited duration.
Ship manning and crew management agencies rendering services to overseas shipping or airline companies may open non interest bearing foreign currency accounts with AD Category I banks in India; credits limited to freight/passage collections or inward remittances from the overseas principal, debits limited to local ship/crew management expenses, no credit facilities against account balances, no EEFC facility, banks to meet reserve requirements, and accounts allowed only during the agreement's validity.
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