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Regulatory relaxations for start-ups- Clarifications relating to acceptance of payments

FEMA - 51 - Dated:- 11-2-2016 - RBI/2015-16/318 A.P. (DIR Series) Circular No. 51 February 11, 2016 To, All Authorised Dealer Category - I Banks Madam/Sir, Attention of Authorised Dealer Category - I (AD Category-I) banks is invited to the Foreign Exchange Management (Foreign currency accounts by a person resident in India) Regulations, 2000, notified by the Reserve Bank vide Notification No. FEMA. 10 (R) /2015-RB dated January 21, 2016, as amended from time to time. 2. Pursuant to paragraph 14 .....

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foreign currency account abroad to pool the foreign exchange earnings out of the exports/sales made by the concerned start-up; The overseas subsidiary of the start-up is also permitted to pool its receivables arising from the transactions with the residents in India as well as the transactions with the non-residents abroad into the said foreign currency account opened abroad in the name of the start-up; The balances in the said foreign currency account as due to the Indian start-up should be rep .....

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