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To open foreign currency account

Knowledge resource 452 views 1 replies

CA. Ranu Jain

Chartered Accountants

19 Points Joined May 2007

Dear Sir/Madam,

Please help me to resolve following queries:

One of our client want to open a foreign currency account to receive its management fess from the its client (Indian Government) both are situated in India (i.e. Service Provider and Service recipient).

Further for your Information, the provider is a Branch office of Foreign company approved by RBI (our client) and the service recipient is Indian Government and Indian Government is ready to pay in EURO (foreign currency) to our client.

My query is:

1. can our client get foreign currency account open in bank to receive money from Indian Government in India itself?

2. if the answer to point 1 is yes, what is the requirements to get that account open in the Bank? if no then can you please give me reason for the same.

Replies (1)

preeti

28 Points Joined July 2012

The Reserve Bank of India has now made it easier for you to access foreign currency by permitting a foreign currency account (domestic) for resident Indians. In line with RBI guidelines, ICICI Bank has come up with a scheme that helps you get rid of all your forex worries. You can park your foreign currency in ICICI Bank under RFC (D) account. Non-interest bearing Resident Foreign Currency (D) (RFC (D)) with ICICI Bank can be maintained in four major currencies (USD, EURO, GBP and Japanese Yen)