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The person resident India who has gone outside India for an employee can open Foreign Currency Account outside India.
Table of Contents
The Foreign Exchange Management Act, 1999 (FEMA) deals with cross-border investments, foreign exchange transactions and transactions between residents and non-residents.
FEMA extends to the whole of India. It is applicable to all branches, offices, and agencies outside India, which are owned or controlled by a person resident in India, in this respect FEMA can be said to acquire extra-territorial jurisdiction.
The following can open, hold and maintain a foreign currency account with a bank outside India:
The above-stated persons can receive the whole salary payable to him for the services rendered to the office/ branch/ subsidiary/ joint venture/ Group Company in India of such foreign company, through credit to such account, subject to payment of taxes, as applicable in India.
If an individual who stays in India for more than 182 days during the preceding financial year, he will be treated as a person resident in India. But below are the exception to it:
In case the salary is directly credited to the foreign national’s account overseas by debit to the company’s current account held with us, the form A2 which is Application cum but Declaration, TT application form, and the declaration has to be signed by the authorized signatories of the company.
The remittance of such salary amount should be in accordance with the FEMA rule.
A person who is resident but not permanently resident in India and who is a
For the purpose of this item, a person resident in India on account of his employment or deputation of a specified duration (irrespective of the length thereof) or for a specific job or assignments, the duration of which is up to three years, is a resident but not permanently resident.
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