Accounts of Indian, Bhutanese and Nepalese citizens living in Bhutan and Nepal, as well as Indian, Bhutanese and Nepalese enterprises in Bhutan and Nepal, Accounts of companies and other institutions (including headquarters and branches) are regarded as resident accounts. However, the foreign exchange needs of Nepali residents are provided by Nepal Rastra Bank. Except for the circumstances specified in the RBI's general permission, the opening of domestic and overseas foreign currency accounts requires the RBI's prior approval.
2. Non-resident account management
(1) Non-resident rupee account
Non-residents of India, persons born in India outside the country (except residents of Pakistan and Bangladesh), overseas corporate bodies, and other legal persons whose property rights are at least 60% directly or indirectly owned by non-residents of India Groups and overseas trusts in which at least 60% of the property rights are irrevocably owned by non-residents of India can open non-resident rupee accounts (also known as external accounts). The balances in these external accounts are freely convertible into foreign currencies.(2) Non-resident offshore rupee account
An Indian citizen who is a non-resident in India or in India A non-resident offshore rupee account can be opened by a person by birth and an overseas company or partnership in which at least 60% of the property rights are owned by non-residents. In addition to authorized dealers holding licenses under the Foreign Exchange Management Act, national cooperative banks, urban cooperative banks and planned commercial banks that have been approved by the RBI and meet certain conditions can open non-resident rupee accounts without a license. .
(3) Non-resident foreign currency account
Indian citizens, persons born abroad in India and Overseas enterprises with at least 60% of their property rights owned by non-residents can open non-resident foreign currency time deposit accounts in euros, yen, pounds and US dollars. The account balance can be remitted overseas at will without the need to consult the RBI. Under certain circumstances, funds may be transferred freely between non-resident foreign currency accounts belonging to different individuals opened with the same authorized dealer, and between non-resident foreign currency accounts opened with different authorized dealers.
3. Export foreign exchange collection management
(1) Export foreign exchange collection requirements
Enterprises must repatriate export proceeds within 6 months after receiving export payment or shipment (whichever is earlier). If the export involves RBI-approved establishment abroad bonded warehouse in India, the repatriation of export proceeds can be extended to 15 months. If the export proceeds cannot be repatriated within the time specified above, the exporter must apply to RBI for approval through an authorized dealer. For engineering products, including capital products and consumer durables, RBI allows exports using deferred credit facilities, that is, exporters can recover income in installments over a period of more than 6 months.(2) Export collection of foreign exchange Fund management
Exporters can open a foreign currency account in an Indian bank and retain 50% of their foreign exchange earnings in the account. Pure export-oriented enterprises, processing trade exports Enterprises in the zone and enterprises engaged in computer hardware or software technology can retain 70% of foreign exchange earnings. Enterprises that earn foreign exchange through exports can set up offices abroad and use foreign currency accounts to pay all expenses of the offices. Within the limit of US$15 million, foreign exchange earnings from exports Enterprises can invest the balance of their foreign currency accounts in overseas joint ventures without notifying RBI. Without RBI approval, export enterprises can withdraw up to US$3 million from their foreign currency accounts to advance trade payments to importers. In addition, exporters pay for export trade The agency fee cannot exceed 12% of the total export volume. In addition to this provision, authorized traders can allow export-earning enterprises to independently use the foreign exchange funds in their foreign currency accounts to pay for trade.
Withdrawal of foreign exchange requires RBI’s pre-approval under the following circumstances:
(1) The foreign exchange used for tourism exceeds US$10,000 per person per year;
(2) Each person receives gifts exceeding US$5,000 per year, and each person receives donations exceeding US$10,000 per year;
(3 ) Foreign exchange for business travel exceeds US$25,000 per person;
(4) The cost of studying abroad exceeds the school’s estimated cost or exceeds US$100,000 per academic year;
(5) The cost of overseas architectural design or consulting services for each project exceeds US$1 million;
(6) Remittance used to purchase trademarks or franchise rights;
(7) Each company is used to repay the company's openingExpenses exceed US$100,000;
(8) Each resident remits more than US$25,000 per year through current account or capital account;
(9) Each person’s foreign exchange expenditure for overseas employment or immigration exceeds 100,000 US dollars.
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