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          FEMA

          Can agents of overseas shipping or airline companies continue to maintain foreign currency account with the designated AD Bank in India after such airline or shipping companies have set up BO in India?

          Liaison / Branch / Project Offices of foreign entities in India - As on Dec 26, 2016

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          Foreign currency account continuation allowed for agents, provided branch offices transact only through designated INR accounts. Agents of overseas shipping or airline companies may continue to maintain foreign currency accounts with the designated authorised dealer after the principal sets up a Branch Office in India, provided the Branch Office limits its transactions to its designated INR account and does not channel any of its receipts or payments through the agent's foreign currency account.
                            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 account continuation allowed for agents, provided branch offices transact only through designated INR accounts.

                                  Agents of overseas shipping or airline companies may continue to maintain foreign currency accounts with the designated authorised dealer after the principal sets up a Branch Office in India, provided the Branch Office limits its transactions to its designated INR account and does not channel any of its receipts or payments through the agent's foreign currency account.


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