Foreign Currency Accounts



Foreign Currency Accounts :

In terms of Regulation 7 of Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, an exporter who has undertaken a construction contract or a turnkey project outside India or who is exporting services or engineering goods from India on deferred payment terms may open, hold and maintain a Foreign Currency Account with a bank outside India provided that ….


(a) approval as required under the Foreign Exchange Management (Export of Goods and Services) Regulations has been obtained for undertaking the contract / project / export of goods or services


and


(b) the terms and conditions stipulated in the letter of approval have been duly complied with.



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