14F.3
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Foreign Currency Accounts by Airline/Shipping Companies
Authorised dealers may open foreign currency accounts in the names of airline/shipping companies or their agents in India for crediting freight collections from local exporters/importers (cf. paragraph 8C 4). Withdrawal of funds from such accounts may be permitted for meeting local expenses of the concerned airline/shipping company, payment of taxes, etc. or for making remittances abroad towards surplus passage/ freight collections, operating expenses, etc. to the extent permitted by Reserve Bank (cf. Part B of Chapter 8).