Opening of Foreign Currency Account in India by Project / Service Exporter for Execution of Contract Abroad

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....ll Authorised Dealers in Foreign Exchange Madam / Sirs, Opening of Foreign Currency Account in India by Project /Service Exporter for Execution of Contract Abroad Attention of Authorised Dealers is invited to Regulation 7(5) of Notification No.FEMA. 10/2000-RB dated May 3, 2000 relating to opening, holding and maintaining Foreign Currency Accounts outside India by project/service exporters. The....

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....nst the security of balances held in such accounts and no overdraft in the account shall be permitted. iii. The balance in the account will be subject to SLR / CRR requirement as prescribed by Reserve Bank (DBOD) from time to time. 3. Presently, project/service exporters are required to obtain specific approval of Reserve Bank for making payment to their Indian suppliers of goods/services in f....

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....erned. 5. The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999). Yours faithfully, Grace Koshie Chief General Manager ANNEXURE [A.P.(DIR Series) Circular No.20 dated September 23, 2003] Standard conditions to be stipulated by Authorised Dealer / Exim Bank for opening of foreign currency accou....

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....dian rupees at the end of the contract. All other credits/debits would require prior approval of the approving authority/Reserve Bank of India. 3. The account shall be closed immediately after completion of the project and the entire balance transferred to rupee account and/or EEFC account, as the case may be, as per the prevailing guidelines. 4. Project funds temporarily rendered surplus may ....