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.
CAclubindia
