Can Indian Company Open Bank Account In Foreign Country

1 a resident student who has gone abroad for studies for the period of stay abroad. Type of account foreign nationals can open fa resident savings or current account with a bank in india provided they furnish requisite kyc documents.

How Foreign Nationals Can Open Bank Accounts In India The Economic Times

can indian company open bank account in foreign country

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An indian resident is allowed to open an foreign bank account under the liberalised remittance scheme for undertaking current or capital account transactions.

Can indian company open bank account in foreign country. If youll be working and earning wages abroad opening a foreign bank account to deposit checks directly at your local bank makes sense. Argentina armenia non premier australia bahrain bangladesh bermuda brunei canada china egypt france. On the students.

Kyc documents the. A resident individual can open a foreign currency account with a bank outside india in the following cases. He is free to remit from india an amount equivalent to 250000 in every financial year.

Resident indians are not allowed to open a bank account abroad without opening a company. You can currently open an hsbc bank account overseas in over 30 countries and territories. It is therefore a good idea for them to have a bank account in india.

In your case opening such an account will require the approval of the reserve bank of india. All credits to the account from india should be made in accordance with fema and the rules and regulations made thereunder. Heres what to know.

They can remit money from india only up to a specified limit within a financial year as prescribed under the foreign exchange management act fema of 1999. A resident individual which includes a body corporate incorporated in india can open an account with a bank outside india without the specific approval of the rbi in only certain cases. Heres how foreign nationals can go about opening a bank account in india.

We have international banking centres in the following countriesregions. These cases are listed in footnote 1. Any indian entity having its branch or head office or correspondent outside india can open hold and maintain foreign currency account fca to transact in foreign exchange business and other matters related thereto in accordance with the provisions of the act or the rules or regulations made or the directions issued thereunder.

Banks usually accept a basic account opening form for opening the account. The foreign currencies available with an hsbc international bank account depends on where you open your account. Yes you can in some countries you may have to be present in person with a passport and address proof either locally or from your country rbi allows indian national to remit 250000 per year if you do transfer in last week of march then you can do another 250000 after a week as new financial year starts on april 1 so with some planning 500000 transfer can be done within a week per person.

First compliance in india. An indian citizen who is resident in india now has the freedom to open a foreign bank account.

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