TaxTMI 
TaxTMI 
Sir,
we are having two SEZ units.
Is it necessary to have foreign currency accounts for both the units seperately.
Foreign currency account of sez
23 Mar 2016 
4 Replies 
4876 Views Asked by
Foreign currency accounts not mandatory for SEZ units but recommended for administrative, audit and banking advantages.
Maintenance of a foreign currency account for SEZ units is not mandatory but is recommended for administrative and compliance reasons. Separate unit wise accounts aid clearer accounting, simplify audits, and facilitate submission of information to government departments. Practical benefits include access to additional currencies, potentially lower export/import banking charges, and diversification of currency risk. The decision to open unit wise accounts may turn on whether units are located within the same SEZ or in different SEZs. (AI Summary)
Maintenance of a foreign currency account for SEZ units is not mandatory but is recommended for administrative and compliance reasons. Separate unit wise accounts aid clearer accounting, simplify audits, and facilitate submission of information to government departments. Practical benefits include access to additional currencies, potentially lower export/import banking charges, and diversification of currency risk. The decision to open unit wise accounts may turn on whether units are located within the same SEZ or in different SEZs. (AI Summary)