Foreign currency account of sez

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....oreign currency account of sez<br> Query (Issue) Started By: - arbs sarma Dated:- 23-3-2016 Last Reply Date:- 24-3-2016 Customs - Exim - SEZ<br>Got 4 Replies<br>Customs<br>Sir, we are having two SEZ units. Is it necessary to have foreign currency accounts for both the units seperately. Reply By malay pota: The Reply: Dear Mr. Sarma No no it is not mandatory to have foreign currency accounts b....

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....ut SEZ may have foreign currency accounts. Reply By KASTURI SETHI: The Reply: Sh.Arbs Sarma Ji, Maintenance of separate accounts for both units is always beneficial for you. You will remain comfort zone for the purpose of audits and submission of information to the various department of Govt. of India and State Govt. Reply By Kishan Barai: The Reply: Great response by Malay Pota Sir & Kastur....

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....i Sethi Sir. Respected Arbs Sarma Ji, It is not mandatory but its beneficial if you have. Its very beneficial if you have foreign currency account if you have SEZ. Following are the key benefits. * Access to currencies that you cannot save in your home country with normal account * You may pay lower fees for banking in export / import * Diversification of systemic risk. There is some add....

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....ed diversification in the event of an economic collapse. * You will remain comfort zone for the purpose of audits and submission of information to the various department of Govt. of India and State Govt. Reply By surya narayana: The Reply: Dear Mr Sarma As stated it is not mandatory for maintaining EFC account unit wise but for administrative and accounting convenience it is better to have un....

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....it wise account Further you have not indicated whether the units located in a single SEZ or in different SEZs Regards Surya<br> Discussion Forum - Knowledge Sharing ....