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

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....ategory - 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, and A.P. (DIR Series) Circular No. 48 dated April 30, 2007, in terms of which general permission is available to ship-manning / crew managing agencies ....

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..../ crew in the ordinary course of business. b. No credit facility (fund based or non-fund based) should be granted against security of funds held in such accounts. c. The bank should meet the prescribed 'reserve requirements' in respect of balances in such accounts. d. No EEFC facility should be allowed in respect of the remittances received in these accounts. e. These foreign currency acco....