Direct Tax
Consulting
ESG Advisory
Indirect Tax
Growth Advisory
Internal Audit
BFSI Audit
Industry Audit
Valuation
RBI Services
SEBI Services
IRDA Registration
AML Advisory
IBC Services
Recovery of Shares
NBFC Compliance
IRDA Compliance
Finance & Accounts
Payroll Compliance Services
HR Outsourcing
LPO
Fractional CFO
General Legal
Corporate Law
Debt Recovery
Select Your Location
Foreign Currency Account (FCA) is a transactional account. Which is denominated in a currency other than the home currency and maintained by a bank in the home country (onshore) or a bank in another country (offshore)?
In simple word, a Foreign Currency Account[1] is an account held or maintained in currency other than the currency of India or Nepal or Bhutan.
Below is some list of accounts that can be opened by resident individuals with an Authorised Dealer bank in India.
Read More: Foreign Currency Account Outside India.
The Following are eligible to open, hold and maintain the foreign currency accounts outside India to undertake the respective Business.
No person resident in India shall open or hold or maintain a foreign currency account:
Provided that a Foreign Currency Account held or maintained before the commencement of these Regulations by a person resident in India with special or general permission of the Reserve Bank, shall be considered to be held or maintained under these Regulations.
Provided further that the Reserve Bank, may on an application made to it, permit a person resident in India to open or hold or maintain a Foreign Currency Account, subject to terms and conditions.
An authorized dealer who hold foreign currency accounts (FCA) shall –
Recommended Article: RBI Approval to Receive Salary outside India in Foreign Currency Account.
The financial sector is changing in the current digital era. Banking is no longer limited to ju...
The Indian financial market is diversifying and fast-changing. Making the right decision for in...
If you are an Indian seeking to live in the beautiful country of Sweden, 2025 is the right time...
Social Stock Exchange (SSE) is a platform where social welfare organizations and social enterpr...
Foreign investors today hold over Rs 80 Lakh crore assets in the Indian markets. However, in re...
Are you human?: 3 + 1 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
National Financial Reporting Authority is constituted under the provisions of Section 132 of the Companies Act, 201...
15 May, 2021
IAS 23 addresses whether interest or financing charges of borrowing money should be expensed or capitalized. The st...
05 Apr, 2022