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June 2008

Notification No. FEMA. 174/2007-RB, dated 25-11-2007 — Foreign Exchange Management (Foreign Currency Account by a Person Resident in India) Regulations, 2008.

By Pinky Shah, Sonalee Godbole, Gaurang Gandhi, Chartered Accountants
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Part C : RBI/FEMA


Given below are the highlights of RBI Circulars and
Notifications.


 

 

13 Notification No. FEMA. 174/2007-RB, dated
25-11-2007 — Foreign Exchange Management (Foreign Currency Account by a Person
Resident in India) Regulations, 2008.


This notification substitutes Regulation 6 of the Foreign
Exchange Management (Foreign Currency Account by a Person Resident in India)
Regulations, 2000 with effect from April 30, 2007.

 

It permits the opening, holding and maintaining of Foreign
Currency Account in India by :

1. Shipping or airline company incorporated outside India or
its agent in India for meeting local expenses in India of the shipping or
airline company out of freight or passage collected in India or out of inward
remittances through normal banking channels from office/principal outside India.

2. Ship-manning/crew managing agencies in India for undertaking transactions
in the ordinary course of their business.



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