REGULATIONS GOVERNING FOREIGN CURRENCY ACCOUNTS IN INDIA
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Abstract
Foreign Currency Account means an account held or maintained in currency other than the currency of India or Nepal or Bhutan. Section 9 of the Foreign Exchange Management Act, 1999 (hereinafter referred to as ‘the Act’) read with Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015 issued vide Notification No. FEMA 10(R)/2015-RB dated January 21, 2016 regulates opening, holding and maintaining foreign currency accounts by a person resident in India. Section 6(3) of the Act read with Foreign Exchange Management (Deposit) Regulations, 2016 issued vide Notification No. FEMA 5(R)/2016-RB dated April 1, 2016 regulates the maintenance of deposits/ accounts between a person resident in India and a person resident outside India.
In this article, the author has tried to explain main foreign currency accounts that can be operated by a resident or a non-resident Indian, or a foreign entity (person or company). Part I of this article deals with the foreign currency account that can be open and maintained by a person resident in India, whereas by Part II of this article the author has tried to explain few important foreign currency account that can be open by a person resident outside India.
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