12.1
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Introduction
The opening, maintenance of and operations on accounts expressed in foreign currencies abroad as also acquisition, holding and disposal of foreign securities or immovable properties abroad by residents of India are subject to regulation by Reserve Bank. This Chapter outlines the regulations governing the opening and maintenance of foreign currency accounts and holding of foreign securities or immovable properties abroad by residents of India. It also deals with certain exemptions from the restrictions imposed by FERA 1973 granted to persons who have returned to India after a specified period in regard to their foreign currency assets abroad. The control and supervision over overseas bank accounts and other assets is centralised in the Central Office of Reserve Bank at Mumbai and all correspondence relating to these matters should be addressed to the Chief General Manager, Exchange Control Department (Foreign Accounts Section), Reserve Bank of India, Central Office, Mumbai-400 001.