Opening of foreign currency accounts in Indiaby ship-manning / crew-management agencies

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....ship-manning / crew-management agencies Attention of Authorised Dealer Category-I (AD Category - I) banks is invited to Regulation 6 of Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2000 notified vide Notification No. FEMA 10/2000-RB dated May 3, 2000, as amended from time to time, in terms of which general permission is available to a shipping....

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....redits to such accounts would be only by way of inward remittances through normal banking channels from the overseas principal. b) Debits will be towards various expenses in connection with the management of the ships / crew in the ordinary course of its business. c) No credit facility (fund based or non-fund based) should be granted against security of funds held in the account. d) The bank s....