https://www.taxtmi.com/circulars?id=2131 Authorised Dealers may open non interest bearing Foreign Currency Accounts for Project Offices established with Reserve Bank permission, limited to one account per project; permitted credits are receipts from the project sanctioning authority and remittances from parent/group companies or international financiers, and debits only for project related expenditure. AD branches must ensure compliance and are subject to 100% concurrent audit. Intermittent remittances pending project winding up are allowed on submission of an auditor's certificate and an undertaking; reporting to the Reserve Bank regional office within two months and annual chartered accountant certification are required. en-us Tue, 17 May 2005 00:00:00 +0530 Fri, 03 Oct 2008 11:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=2131 Authorised Dealers may open non interest bearing Foreign Currency Accounts for Project Offices established with Reserve Bank permission, limited to one account per project; permitted credits are receipts from the project sanctioning authority and remittances from parent/group companies or international financiers, and debits only for project related expenditure. AD branches must ensure compliance and are subject to 100% concurrent audit. Intermittent remittances pending project winding up are allowed on submission of an auditor's certificate and an undertaking; reporting to the Reserve Bank regional office within two months and annual chartered accountant certification are required. Circulars FEMA Tue, 17 May 2005 00:00:00 +0530 https://www.taxtmi.com/circulars?id=2131