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Opening of foreign currency accounts in India by ship-manning / crew-management agencies

FEMA - 15 - Dated:- 24-9-2015 - RBI/2015-16/184 A.P. (DIR Series) Circular No.15 September 24, 2015 To All Category - I Authorised Dealer Banks Madam / Sir, Attention of Authorised Dealer Category-I (AD Category - I) banks is invited to Regulation 6 of Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2000 notified vide Notification No. FEMA 10/2000-RB dated May 3, 2000, as amended from time to time, and A.P. (DIR Series) Circular No. 48 dated Apr .....

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th AD Category-I banks by foreign shipping or airline companies or their agents in India are reproduced below: a. Credits to such foreign currency accounts would be only by way of freight or passage fare collections in India or inward remittances through normal banking channels from the overseas principal. Debits will be towards various local expenses in connection with the management of the ships / crew in the ordinary course of business. b. No credit facility (fund based or non-fund based) sho .....

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