Objectives & Agenda :
The Regulations under Foreign Exchange Management Act, 1999 regulate Foreign Currency that can held by an individual in India. In this Webinar we shall understand the Definition of the term 'Foreign Currency' and the regulation which governs the possession of foreign currency in India and the various types of Foreign Current Accounts that can opened by an Indian resident and the related conditions.
Objectives & Agenda :
The Regulations under FEMA regulate the Import transactions of Goods, Services and Currencies. In this Webinar we shall understand the Definition of the term 'Import', 'Services' and 'Currencies'. We will also look at various procedures and compliances involved while Importing goods or services or currencies.
8 key factors that affect foreign exchange ratesannadesoza123
The exchange rate is defined as "the rate at which one country's currency may be converted into another." It may fluctuate daily with the changing market forces of supply and demand of currencies from one country to another.
Objectives & Agenda :
The Regulations under FEMA regulate the Import transactions of Goods, Services and Currencies. In this Webinar we shall understand the Definition of the term 'Import', 'Services' and 'Currencies'. We will also look at various procedures and compliances involved while Importing goods or services or currencies.
8 key factors that affect foreign exchange ratesannadesoza123
The exchange rate is defined as "the rate at which one country's currency may be converted into another." It may fluctuate daily with the changing market forces of supply and demand of currencies from one country to another.
OBJECTIVE
Customs duty is an indirect tax, which is a tax on the goods and not a tax on the person having or owning the goods. Custom Duty is valued based either on specific duty or Ad valorem. In this webinar, we will be understanding the provisions of Valuations under Customs Duty.
Import and Export Financing-Forms and Methods with Alternative financing technique (EDF, International Factoring, Bonded Warehouse Faculty, Duty Draw back facility, UPAS LC) business case solution, in relation with Rupali Bank Ltd. International Business.
OBJECTIVE
Customs duty is an indirect tax, which is a tax on the goods and not a tax on the person having or owning the goods. Custom Duty is valued based either on specific duty or Ad valorem. In this webinar, we will be understanding the provisions of Valuations under Customs Duty.
Import and Export Financing-Forms and Methods with Alternative financing technique (EDF, International Factoring, Bonded Warehouse Faculty, Duty Draw back facility, UPAS LC) business case solution, in relation with Rupali Bank Ltd. International Business.
Objectives & Agenda :
The Regulations under FEMA regulate a transaction based on whether the transaction is a 'Capital Account Transaction' or a 'Current Account Transaction'. In this Webinar we shall understand the Definition of the terms 'Capital Account Transactions' and 'Current Account Transactions'. We will also look at various transactions covered and the limits applicable to such transactions.
Objectives
Introduction
What is Remittance???
Who are Non-residents???
Relevant Notifications and Circulars
Which assets can be remitted?
How are assets remitted?
Legal Compliances (In special cases)
Objectives & Agenda :
The Regulations under Foreign Exchange Management Act, 1999 regulate Foreign Currency Accounts that can held by an non-resident in India. In this Webinar we shall understand the Definition of the term 'Foreign Currency' and the various types of Foreign Currency Accounts that can opened by a Non-resident in India and the related conditions.
Impact due to change in residential status - FEMA perspectiveDVSResearchFoundatio
Key Takeaways:
Various bank accounts
ODI and FDI investments
Property held in India and Outside India
Loan transactions
Demat, Insurance policies and PPF accounts
SCRAPPING OF RETRO TAX PROVISIONS : A REVIVAL OF OVERSEAS INTEREST IN INDIADVSResearchFoundatio
Key Takeaways:
- Scrapping of Restrospective effect of Taxation
- Indirect transfer of assets not taxable before 28th May 2012
- Vodafone case analysis
- Draft notification to implement the amendment
Key Takeaways: - Analysis of section 45(4), section 9B of the Income Tax Act...DVSResearchFoundatio
Key Takeaways:
- Analysis of section 45(4), section 9B of the Income Tax Act and Rule 8AA and Rule 8AB of Income Tax Rules
- Illustrations to understand the relevant impact
- Critical Issues concerned with the provisions
Key Takeaways:
- Facts of the case
- Issues and Orders of the case
- Contention of the parties
- Observations by Honourable Supreme Court
- Conclusions
Key Takeaways:
- Facts of the case
- Issues and Orders of the case
- Contention of the parties
- Observations by Honourable Supreme Court
- Conclusions
FALLACIOUS DISREGARDING OF TRANSACTIONS THAT RESULT IN A TAX BENEFIT TO THE A...DVSResearchFoundatio
Key Takeaways:
- Facts of the case
- AO's contention
- Ruling of CIT(A) and issues for consideration of the ITAT
- Observations of ITAT
- Final Ruling
- Way Forward
ALLOWABILITY OF OUTSTANDING INTEREST CONVERTED INTO DEBENTURES AS AN EXPENSE ...DVSResearchFoundatio
Key Takeaways:
- Facts and issues of the case
- Rationale behind the section
- Ruling of lower jurisdiction authorities
- Rival submissions before the Honourable Supreme Court
- Observations and final rulings of Honourable Supreme Court
- Way Forward
Key Takeaways:
- Facts of the case
- Issues and Orders
- Contention of the parties
- Observations of Honourable Supreme Court
- Conclusion and way forward
Key Takeaways:
- Background and Overview of Legal Provision
- Facts of the Case
- Contentions of the Assessee and Revenue
- Supreme Court’s Verdict
- Key Learnings and Way Forward
Key Takeaways:
- Background and Overview of Legal Provision
- Facts of the Case
- Contentions of the Assessee and Revenue
- Supreme Court’s Verdict
- Key Learnings and Way Forward
AUTOMATIC VACATION OF STAY GRANTED BY TRIBUNALDCIT v. PEPSI FOODS LTD. [2021]...DVSResearchFoundatio
Key Takeaways:
- Background and Overview of Legal Provision
- Facts of the Case
- Contentions of the Assessee and Revenue
- Supreme Court’s Verdict
- Key Learnings and Way Forward
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
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Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
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RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
1. How to capture video testimonials that convert from your audience 🎥
2. How to leverage your testimonials to boost your sales 💲
3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
3. Legends used in the Presentation
AD Authorised Dealer
ADR American Depository Receipts
DDA Diamond Dollar Account
ECB External Commercial Borrowings
EEFC Exchange Earner's Foreign Currency
EHTP Electronic Hardware Technology Park
EOU Export Oriented Units
EPZ Export Processing Zone
FEM Foreign Exchange Management
FEMA Foreign Exchange Management Act, 1999
FDI Foreign Direct Investment
GDR Global Depository Receipts
IRDA Insurance Regulatory and Development Authority of India
LRS Liberalised Remittance Scheme
NRE Non-resident External
NRI Non-resident Indian
OCI Overseas Citizen of India
ODI Overseas Direct Investment
PIO Person of Indian Origin
RBI Reserve Bank of India
RFC Resident Foreign Currency
SEZ Special Economic Zone
STP Software Technology Park
4. Presentation Schema
Introduction
FEM (Possession and
Retention of Foreign
Currency) Regulations, 2015
FEM Master Direction -
Deposits and Accounts
Foreign Currency Accounts
that can be Held in India
Foreign Currency Accounts
that can be held outside
India
Miscellaneous
5. means any currency other than Indian currency
Introduction
Foreign Currency
[Sec 2(m) of FEMA]
means currency which is expressed or drawn in Indian rupees but does not include
special bank notes and special one rupee notes issued under section 28A of the RBI Act
Indian currency
[Sec 2(q) of FEMA]
Possession and Retention of Foreign currency and Opening and Maintaining a Foreign
Currency Account by a Resident are governed under FEMA regulations
FEM (Possession and Retention of
Foreign Currency) Regulations, 2015
FEM Master Direction – Deposits
and Accounts
7. Limit of Possession and Retention
‘To possess' or ‘To retain' means to possess or to retain in physical form
Limits for possession and retention of foreign currency or foreign coins
Person Particulars Limit
Authorised Person Foreign Currency and Coins Possession without limit within the scope of its authority
Any Person Foreign Coins Possession without Limit
Indian Resident Foreign currency notes, bank notes and
foreign currency travellers' cheques
not exceeding US$ 2000 or its equivalent in aggregate,
Provided it was
• Received abroad by way of payment for services not arising from
any business in or anything done in India or
• Received from a non-resident on visit to India, as honorarium or
gift or for services rendered or any legal settlement or
• Received as honorarium or gift while being abroad or
• Represents unspent foreign exchange acquired for foreign travel
8. Possession by Not Permanently Resident
Possession of foreign exchange by a person resident In India but not permanently resident
‘Not permanently resident' means
o a person resident in India for employment of a specified duration (irrespective of length thereof) or
o for a specific job or assignment, the duration of which does not exceed 3 years
has been brought into India in accordance with FEMA
if such foreign currency was acquired, held or owned by him when he was resident outside India and,
in the form of currency notes, bank notes and travellers cheques,
May possess foreign currency without limit
9. FEM Master Direction - Deposits and Accounts
Opening, Holding and Maintaining Foreign Currency Accounts
by a Person Resident in India
10. Foreign Currency Accounts that can be Held in India
Exchange Earner's
Foreign Currency
(EEFC) Account
Resident Foreign
Currency (RFC)
Account
Resident Foreign
Currency (Domestic)
- RFC (D) Account
Diamond Dollar
Account (DDA) Scheme
– DDA Account
Accounts by
Specified
Persons
Indian agent of foreign shipping or airline companies
Ship-manning / crew managing agencies
Project Offices of foreign companies
Organisers of international Seminars, Conferences etc.
Exporter with Construction or Turnkey project abroad
SEZ Unit
Indian Company receiving FDI
Re-insurance and Composite Insurance brokers
11. Exchange Earner's Foreign Currency (EEFC) Account
A person resident in India may open an EEFC account with an AD in India as per FEMA regulations
Permitted Credits
100% of Foreign exchange earnings by
normal banking channel (except loans or
investments)
Payments received for the
purpose of Counter trade*
Advance remittance
received by Exporter
Professional earnings in Individual
Capacity - including director’s fees,
consultancy fees, lecture fees, etc.
Interest earned on the
funds in the account
Repayments received from trade related
loans / advances made to customers
from EEFC account
Re-credit of unutilised foreign
currency earlier withdrawn from
the account
Disinvestment proceeds received by the
resident account holder on conversion of
shares to ADRs/ GDRs
Payments received by an Indian startup
arising out of sales/ export made by the
startup or its overseas subsidiaries
* Counter-trade - exchanging goods or services which are paid for, in whole or part, with other goods or services, rather than with money
12. Permitted Debits
Payment abroad towards Capital or Current account transactions in accordance with FEMA Regulations
Payment in Foreign exchange towards cost of goods purchased from
a 100% EOU or
a Unit in an EPZ/ STP/ EHTP
Payment of customs duty in accordance with the provisions of Export Import Policy
Trade related loans / advances, by an exporter to his importer customer abroad, subject to compliance under FEMA
Payment in foreign exchange to a Resident for supply of goods/ services including air fare and hotel expenditure
13. Salient Features
Withdrawal in rupees are permitted provided amount so withdrawn cannot be re-credited
Account will be in the form of a Non-interest bearing account
The Claims settled in rupees by Export Credit Guarantee Corporation / Insurance companies should not be construed as
export realisation in foreign exchange
Total accruals in the account during a month should be converted into Rupees on or before the last day of the next month
after adjusting for utilization for approved purposes or forward commitments.
Fund-based / non-fund based credit facilities should not be granted against the EEFC Accounts balances
Exporters can repay packing credit advances, whether availed of in Rupee or in foreign currency, from balances in their EEFC
account to the extent exports have actually taken place
Balances held in the account may be credited to Non-Resident External (NRE) Account and Foreign Currency Bank FCNR (B),
at the option/ request of the account holders consequent upon change of residential status from resident to non-resident.
14. Resident Foreign Currency (RFC) Account
A person resident in India is permitted to open a RFC account with an AD bank in India out of foreign exchange received or acquired by him:
as pension or superannuation
benefits or other monetary benefits
from overseas employer;
by converting assets which were acquired
by him when he was a non-resident or
inherited from or gifted by a non-resident
and repatriated to India;
received as proceeds of LIC claims/
maturity/ surrendered value settled in
forex from an Indian insurance company
The balances in the RFC account are free from all restrictions regarding utilisation of foreign currency balances outside India.
Can be held jointly with resident relative as joint holder on ‘former or survivor’ basis.
However, he/she cannot operate the account during the life time of the account holder.
The balances in NRE Account and FCNR (B) Account can be credited to the RFC account on account of change in residential
status of the non-resident Indian (NRI) or person of Indian origin (PIO) changes to a resident
15. Relative – Sec 2(77) of Companies Act, 2013
Relative
Members of
HUF
Related person
Rule 4
Father Mother Son & Daughter
Son’s wife &
Daughter’s
husband
Brother Sister
Husband &
Wife
Includes Step-Father, Step-Mother, Step-Son, Step-Brother & Step-Sister
16. Resident Foreign Currency (Domestic)– RFC (D) Account
A resident individual may open an RFC(D) account to retain in a bank account in India the foreign exchange
acquired in the form of currency notes, bank notes and travellers cheques from overseas sources such as:
Gift from a relative
Honorarium or gift
while on a visit
abroad
Receipt while on a visit
abroad for services not
arising from any business
or anything done in India
Unspent foreign
exchange acquired from
an authorised person for
travel abroad
Disinvestment proceeds
received by the resident
account holder on conversion
of shares to ADRs/ GDRs
Proceeds of life insurance policy
claims/ maturity/ surrender values
settled in foreign currency from an
insurance company in India
Honorarium or gift or for services
rendered or in settlement of any
lawful obligation from any non-
resident and who is on a visit to India
This facility is in addition to facility under FEMA (Possession/Retention) Regulation discussed earlier
Balances in the account can be used for any current or capital account transactions in accordance with FEMA Regulations
Balances held in the account may be credited to Non-Resident External (NRE) Account and Foreign Currency Bank FCNR (B),
at the option/ request of the account holders consequent upon change of residential status from resident to non-resident
Total accruals in the account during a month should be converted into Rupees on or before the last day of the next month
after adjusting for utilization for approved purposes or forward commitments
17. Diamond Dollar Account (DDA) Scheme – DDA Account
Firms and companies which comply with the Eligibility criteria stipulated in the Foreign
Trade Policy of the Govt. of India may open DDA accounts with an AD in India
Realisation of export proceeds and local sales (in USD) of rough, cut, polished diamonds; and pre and
post shipment finance availed in USD can be credited to such account
Payments for purchase of rough, cut and polished diamonds can be made from DDA account
Funds can also be transferred to rupee account of the exporter
The account should be maintained in the form of a non-interest bearing current account
Total accruals in the account during a month should be converted into Rupees on or before the last day
of the next month after adjusting for utilization for approved purposes or forward commitments
having an average annual turnover of Rs.3 crore or above during preceding 3 licensing years
with a track record of at least 2 years in import or export of diamonds / coloured gemstones / diamond
and coloured gemstones studded jewellery / plain gold jewellery and
Firms and companies dealing in purchase / sale of rough or cut and polished diamonds / precious metal
jewellery plain, minakari and / or studded with / without diamond and / or other stones
Eligibility criteria
18. Accounts by Specified Persons
Indian Agent of
shipping or airline
foreign companies
• Can maintain foreign currency account in India for meeting the local expenses of the overseas company
• Permitted Credits - freight or passage fare collections in India or from his principal outside India
Ship-manning/
crew managing
agencies in India
May maintain non-interest bearing foreign currency account in India for the purpose of undertaking transactions in
the normal course of business
• Credits: Only by way of inward remittances through normal banking channels from the overseas principal
• Debits: Towards various expenses in connection with the management of the ships/ crew
• No credit facility should be granted against security of funds held in the account
• The bank should meet the prescribed Reserve Requirements in respect of such accounts
• No EEFC facility should be allowed in respect of the remittances received in the account
• The account will be maintained only during the validity period of the agreement with the overseas principal
19. Accounts by Specified Persons
Project Offices of foreign companies
Conditions
• Project Office has been established in India, with the permission of RBI, having the requisite approval from the concerned
Project Sanctioning Authority
• The contract under which the project has been sanctioned, specifically provides for payment in foreign currency
• Each Project has only one Foreign Currency Account
• Debits:
o Payment of project related expenditure.
• Credits:
o Foreign currency receipts from the Project Sanctioning Authority, and
o Remittances from parent/ Group Company abroad or bilateral/ multilateral international financing agency
• The Foreign Currency account should be closed at the completion of the Project
• Inter-project transfer of funds - permitted with the prior permission of the Regional Office of RBI
• Disputes - In case of disputes between the Project Office and the project sanctioning authority or other Government/ Non-
Government agencies etc..,
o the balance held in such account shall be converted into INR and credited to a special account which shall be
dealt with as per the settlement of the dispute
Can open non-interest bearing one or more foreign currency accounts in India for the project to be executed in India
20. Accounts by Specified Persons
Organisers of international Seminars, Conferences, Conventions, etc.
Can open temporary foreign currency account in India
Conditions
Credits:
All inward remittances in foreign currency towards registration fees payable by overseas delegates, grant,
sponsorship fees and donations, received from abroad, in connection with the conference, convention, etc.
Debits:
o Payment to foreign/ special invitees attending the conference, etc., on the specific invitation of the organisers,
towards travel, hotel charges, etc., and honorarium to foreign guest speakers;
o Refund of registration fees to foreign delegates and unutilised sponsorship/grant amount
o Bank charges, if any;
o Conversion of funds into rupees.
All other credits/ debits would require the prior approval of RBI
The account should be immediately closed, after the conference/event is over
Exporter undertaking 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 in India,
• Provided that prescribed approval under FEMA has been obtained for undertaking
the contract/ project/ export of goods or services, and
• The terms and conditions stipulated in the letter of approval have been complied
21. Accounts by Specified Persons
A unit located in a SEZ
May open hold and maintain a foreign currency account with an authorized dealer in India to credit all
foreign exchange funds received by the unit.
• The account can be used for bona fide trade transactions between the unit and non-resident
• Foreign exchange purchased in India against rupees cannot be credited to the account without prior
permission from RBI
• Balances in the accounts are free from the restrictions imposed under FEM (Current Account
Transaction) Rules, except for the use of the balances for gift etc..
• The funds held in these accounts cannot be lent or made available to any person or entity resident in
India not being a SEZ unit
Indian company receiving foreign
investment under FDI route
May open and maintain a foreign currency account with an authorized dealer in India
provided
• The Indian investee company has impending foreign currency expenditure and
• The account is closed immediately after the requirements are completed or
• Within 6 months from the date of opening of such account,
whichever is earlier
Re-insurance and Composite
Insurance brokers registered
with IRDA
May open and maintain non-interest bearing foreign currency accounts with an AD bank in
India for the purpose of undertaking transactions in normal course of business
22. Foreign Currency Accounts that can be held outside India
Normal business and
incidental transactions
Indian Start-ups having an
Overseas subsidiary
Raising ECB/ ADRs/ GDRs
Remittances under Liberalised
Remittance Scheme (LRS)
Making Overseas Direct
Investment (ODI)
Remitting/ receiving
entire Salary
Participating in Exhibition
or Trade Fair Abroad
Foreign
Visit
Education
Abroad
Opening a Foreign Currency Account abroad is permitted in the following cases
23. Normal Business and Incidental Transactions
An authorized dealer in India with its branch/ head office/ correspondent outside India
A branch outside India of a bank incorporated in India
An Indian shipping or airline company
Insurance/ reinsurance companies registered with IRDA
An India firm/ company/ body corporate in the name of its foreign office
An exporter who is exporting services and engineering goods on deferred payment
terms or executing a turnkey project or a construction contract abroad
The following persons can open a foreign currency account with a bank
outside India for carrying on normal business and incidental transactions:
24. Education, Foreign Visits and Exhibitions
Indian resident who has
gone abroad for studies
• May open a foreign currency account with a bank outside India during his stay abroad
• All credits to the account from India should be as per FEMA regulations
• On the student’s return to India after completion of studies, the account will be
deemed to have been opened under LRS
A person going abroad
to participate in an
exhibition/ trade fair
Indian resident who is on a
visit to a foreign country
• May open a foreign currency account with a bank outside India during his stay abroad
• Balance in the account should be repatriated to India on return of account holder to India
• May open a foreign currency account with a bank outside India for crediting the
sale proceeds of goods
• Balance should be repatriated to India within 1 month from the date of closure
25. Salary, ODI and LRS
The following persons can open a foreign currency account outside India for
remitting/ receiving their entire salary payable to him in India
A foreign citizen resident in India, being an employee of a foreign company, on
deputation to the office/ branch/ subsidiary/ joint venture/ group company in India
An Indian citizen, being an employee of a foreign company, on deputation to the
office/ branch/ subsidiary/ joint venture/ group company in India
A foreign citizen resident in India employed with an Indian company
• An Indian Party may open a foreign currency account abroad for making ODI
• provided the oversees regulator mandates opening of such an account
A resident individual can open a foreign currency account with a bank
outside India for the purpose of sending remittances under the LRS
ODI
LRS
26. Indian startup, having
an overseas subsidiary
Fund-Raising and Start-ups
Subject to compliance with the conditions
in regard to raising of ECB or raising of
resources through ADRs/GDRs,
the funds so raised maybe held in deposits in foreign
currency accounts with a bank outside India pending their
utilisation or repatriation to India
May open a foreign currency account with a bank outside India
• for the purpose of crediting to the account the foreign exchange earnings out of
exports/ sales made by the said startup or its overseas subsidiary
• Balances held in such accounts, to the extent they represent exports from India,
shall be repatriated to India within the period prescribed under FEMA regulations
27. Definition of Start-up
An entity shall be
considered as a
Startup
Entity formed by splitting up or reconstruction of an existing business shall not be considered a ‘Startup’.
Entity is working towards innovation, development or improvement of products or processes or services,
or if it is a scalable business model with a high potential of employment generation or wealth creation
Turnover of the entity for any of the FYs since incorporation / registration has not exceeded Rs 100 crores
Upto a period of 10 years from the date of incorporation / registration, if it is incorporated as a private
limited company or registered as a partnership firm or a LLP in India
Entity shall cease to be a start-up upon completion of 10 year or turnover exceeding Rs. 100 crores as specified above
28. • Where account holder is an Individual - Current or Savings or Term deposit account
• Others - Current account or Term deposit account
Miscellaneous
Form of Foreign Currency accounts of Residents with AD
Account can be held singly or jointly in the name of person eligible to open, hold and maintain such account
Death of a foreign currency account holder
• AD with whom the account is held or maintained may remit to a nominee being non-resident,
funds to the extent of his share or entitlement from the account of the deceased account holder
• A nominee being a person resident in India, who is desirous of remitting funds outside India out of
his share for meeting the liabilities abroad of the deceased, may apply to RBI for such remittance
• Resident nominee of an account held outside India has to close the account and bring back the
proceeds to India through banking channels
