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Foreign Currency Account means an account maintained in currency other than the currency of India or Nepal or Bhutan.
Table of Contents
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)?
Foreign Currency Account outside India means an account opened outside India by Indian person or entity to maintain the foreign transactions.
The FCA can be open, held and maintained by the resident in India either in India or Outside India. The Reserve Bank of India has stipulated the guidelines for the opening of foreign currency accounts.
The exporter who commence a construction contract or a turnkey project outside India or who is exporting services or engineering goods from India on deferred payment terms may open, hold and maintain a Foreign Currency Account. Provided the approval is taken from Foreign Exchange Management (Export of goods and services) Regulations, 2015 and complied with the terms and conditions of the approval letter.
An Indian party may open, hold and maintain Foreign Currency Account abroad for the purpose of making overseas direct investments provided compliance with below conditions:
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