Foreign currency account of sez, Customs - Exim - SEZ

[arbs sarma]

Sir,

we are having two SEZ units.

Is it necessary to have foreign currency accounts for both the units seperately.

Posts / Replies

[malay pota]

Dear Mr. Sarma

No no it is not mandatory to have foreign currency accounts but SEZ may have foreign currency accounts.

[KASTURI SETHI]

Sh.Arbs Sarma Ji,

Maintenance of separate accounts for both units is always beneficial for you. You will remain comfort zone for the purpose of audits and submission of information to the various department of Govt. of India and State Govt.

[Kishan Barai]

Great response by Malay Pota Sir & Kasturi Sethi Sir.

Respected Arbs Sarma Ji,

It is not mandatory but its beneficial if you have.

Its very beneficial if you have foreign currency account if you have SEZ. Following are the key benefits.

1. Access to currencies that you cannot save in your home country with normal account
2. You may pay lower fees for banking in export / import
3. Diversification of systemic risk. There is some added diversification in the event of an economic collapse.
4. You will remain comfort zone for the purpose of audits and submission of information to the various department of Govt. of India and State Govt.

[surya narayana]

Dear Mr Sarma

As stated it is not mandatory for maintaining EFC account unit wise but for administrative and accounting convenience it is better to have unit wise account

Further you have not indicated whether the units located in a single SEZ or in different SEZs

Regards

Surya