Foreign currency accounts permitted for foreign carriers and ship manning agencies to meet local operational expenses under RBI conditions. The amendment permits foreign shipping or airline companies and their agents to open, hold and maintain foreign currency accounts with authorised dealers in India to meet local expenses, with credits limited to freight or passage fare collections in India or inward remittances through normal banking channels from overseas offices or principals; authorised dealers may, under Reserve Bank directions, allow ship manning and crew managing agencies to maintain non interest bearing foreign currency accounts for ordinary business transactions.
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 permitted for foreign carriers and ship manning agencies to meet local operational expenses under RBI conditions.
The amendment permits foreign shipping or airline companies and their agents to open, hold and maintain foreign currency accounts with authorised dealers in India to meet local expenses, with credits limited to freight or passage fare collections in India or inward remittances through normal banking channels from overseas offices or principals; authorised dealers may, under Reserve Bank directions, allow ship manning and crew managing agencies to maintain non interest bearing foreign currency accounts for ordinary business transactions.
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