14F.1
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Escrow Accounts
Under a Counter trade proposal involving adjustment of value of goods imported into India against value of exports from India in terms of an arrangement voluntarily entered into between the Indian party and the overseas party, there is need for an Escrow Account to be opened with a bank in India. Proposals for opening such accounts designated in a foreign currency will be considered by Reserve Bank. Application for permission for opening such an account in the name of the overseas party should be made by the overseas exporter/organisation through the authorised dealer with whom the account is proposed to be opened to the concerned office of Reserve Bank (See paragraph 6A.13).