Foreign currency accounts for resident project offices allowed subject to RBI directions, permitting non interest and multiple accounts. Authorized dealers, subject to Reserve Bank directions, may allow Project Offices set up in India by foreign companies to open, hold and maintain non-interest bearing foreign currency accounts in India for projects to be executed in India; this provision is deemed effective from May 17, 2005. The phrase 'one or more foreign currency accounts' replaces 'foreign currency account,' permitting multiple accounts, deemed effective from July 31, 2008.
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 for resident project offices allowed subject to RBI directions, permitting non interest and multiple accounts.
Authorized dealers, subject to Reserve Bank directions, may allow Project Offices set up in India by foreign companies to open, hold and maintain non-interest bearing foreign currency accounts in India for projects to be executed in India; this provision is deemed effective from May 17, 2005. The phrase "one or more foreign currency accounts" replaces "foreign currency account," permitting multiple accounts, deemed effective from July 31, 2008.
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