Regulation 6 - Opening, holding and maintaining a Foreign Currency Account in India in certain other cases - Foreign Exchange Management (Foreign Currency Accounts By A Person Resident In India) Regulations, 2000

1 6. Opening, holding and maintaining a Foreign Currency Account in India in certain other cases : (1) A shipping or airline company incorporated outside India or its agent in India, may open, hold and maintain a Foreign Currency Account with an authorized dealer in India for meeting the local expenses in India of such airline or shipping company: Provided that the credits to such accounts are only by way of freight or passage fare collections in India or by inward remittances through normal banking channels from its office outside India and, in the case of agent, from his principal outside India. (2) An authorized dealer in India may, subject to the directions as may be issued by the Reserve Bank, allow ship-manning/crew managing agencies in India to open and maintain non-interest bearing foreign currency accounts in India for the purpose of undertaking transactions in the ordinary course of their business. 2 [(3) An authorized dealer in India may, subject to the directions as may be issued by the Reserve Bank, allow Project Offices set up in India by foreign companies in terms of clause (ii) of Regulation 5 of Foreign Exchange Management (Establishment in India of Branch or Office or other Place of Business) Regulations, 2000 dated May 3, 2000 , as amended from time to time to open, hold and maintain non-interest bearing 1 [one or more foreign currency accounts] in India for the projects to be executed in India.] 4 [ (4) An Authorized Dealer Category-I Banks in India may allow firms and companies who comply with the eligibility criteria stipulated in the Foreign Trade Policy of the Government of India, in force from time to time and the directions as may be issued by Reserve Bank of India, from time to time, to open, hold and maintain Diamond Dollar Accounts (DDAs) in India subject to the terms and conditions of the DDA Scheme specified in Schedule II. ******************************* Notes : 1. Has been substituted vide Notification No. G.S.R. 92 (E) dated 25-1-2008 before it was read as, 6. Opening, holding and maintaining a Foreign Currency Account in India in certain other cases :- A shipping or airline company incorporated outside India or its agent in India may open, hold and maintain a Foreign Currency Account with an authorised dealer in India for meeting the local expenses in India of such airline or shipping company: Provided that the credits to such accounts are only by way of freight or passage fare collections in India or by inward remittances through normal banking channels from its office outside India and, in the case of agent, from his principal outside India. 2. Inserted vide notification no. 204/2010 RB dated 5-4-2010 , w.e.f. 17.5.2005 3. Substituted vide notification no. 204/2010 RB dated 5-4-2010 w.e.f. 31-7-2008, before it was read as, foreign currency account 4. Inserted vide Notification No. FEMA/219/2011-RB, dated 3-6-2011