https://www.taxtmi.com/circulars?id=2016 Project and service exporters resident in India may open, hold and maintain Foreign Currency Account in India for execution of overseas contracts with Approving Authority approval; each project requires a separate account, no rupee loans or overdrafts are permitted, balances are subject to SLR/CRR, permitted credits/debits are limited to client receipts, interest, approved overseas payments, transfers to project site, project rupee expenses and final conversion to rupees, and accounts must be closed on project completion with balances transferred; short-term deposits allowed up to one year and no forward cover permitted. en-us Tue, 23 Sep 2003 00:00:00 +0530 Wed, 18 Feb 2026 17:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=2016 Project and service exporters resident in India may open, hold and maintain Foreign Currency Account in India for execution of overseas contracts with Approving Authority approval; each project requires a separate account, no rupee loans or overdrafts are permitted, balances are subject to SLR/CRR, permitted credits/debits are limited to client receipts, interest, approved overseas payments, transfers to project site, project rupee expenses and final conversion to rupees, and accounts must be closed on project completion with balances transferred; short-term deposits allowed up to one year and no forward cover permitted. Circulars FEMA Tue, 23 Sep 2003 00:00:00 +0530 https://www.taxtmi.com/circulars?id=2016