Exchange Control Manual

Application by Exporter for Opening of Foreign Currency Account with a Bank in India or Abroad
Date : Jun 01, 2005
6
Foreign Currency Accounts 6A.12 Reserve Bank may consider selectively applications from exporters having good track record for opening foreign currency accounts with banks abroad for crediting the proceeds of export shipments made (except to countries which are members of Asian Clearing Union) subject to certain terms and conditions. The facility will generally be extended to Export/Trading/Star Trading/Super Star Trading Houses and other exporters whose net foreign exchange earnings during the preceding year on account of exports after adjusting payments towards imports are not less than Rs.4 crores. A designated branch of an authorised dealer in India will monitor the operations in the account abroad. Applications for this purpose may be submitted through the designated branch on form EFC to the concerned office of the Exchange Control Department under whose jurisdiction the exporter is functioning