Foreign currency accounts: exporters may hold accounts abroad including in IFSCs, with extended repatriation timelines for IFSC accounts. The amendment adds the International Financial Services Centre definition and allows residents exporting goods or services to open foreign currency accounts with banks outside India, including in an IFSC, for realisation of export value and advance remittances. Funds in these accounts may be used to pay for imports into India or repatriated after adjusting for forward commitments and subject to the export realisation requirements set out in the Export of Goods and Services Regulations; accounts in an IFSC are accorded a longer utilisation and repatriation period than accounts in other jurisdictions.
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: exporters may hold accounts abroad including in IFSCs, with extended repatriation timelines for IFSC accounts.
The amendment adds the International Financial Services Centre definition and allows residents exporting goods or services to open foreign currency accounts with banks outside India, including in an IFSC, for realisation of export value and advance remittances. Funds in these accounts may be used to pay for imports into India or repatriated after adjusting for forward commitments and subject to the export realisation requirements set out in the Export of Goods and Services Regulations; accounts in an IFSC are accorded a longer utilisation and repatriation period than accounts in other jurisdictions.
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