Can a company open USD account in India?
The Foreign Exchange Management (Foreign currency accounts by a person resident in India) Regulations, 2015 regulates the foreign currency accounts opened in India. A person resident in India can open a foreign currency account in India with an authorised dealer.
Can Indian company pay in USD to other Indian company?
Going by FEM (Current Account Transactions) Rules, 2000, foreign exchange cannot be drawn where INR is allowed as a legal tender. Therefore two Indian parties cannot transact in foreign currency.
Can an Indian company open a bank account abroad?
An Indian Company or a partnership is allowed to open a bank account outside India. However, this account must be opened by an Indian entity in its name. The company is allowed to open, hold, and maintain this bank account outside India through its representative branch.
Can RBI issue currency notes?
In terms of Section 22 of the Act, Reserve Bank has the sole right to issue banknotes in India.
Is INR restricted currency?
INR – Indian Rupee. This currency is considered to be restricted, which implies an inherent limitation to the tradability of this currency. Fund transfers in this currency are not allowed outside of India. Besides this limitation, this currency is considered to be complex because of its complex processing.
Can I keep dollars in India?
You can bring into India foreign exchange without any limit. If, however, the value of foreign currency in cash exceeds US$ 5,000 and/or the cash plus TCs exceed US$ 10,000 it should be declared to the customs authorities at the airport in the currency declaration form (CDF), on arrival in India.
Which bank can convert foreign currency?
Currency exchange in India can be done through Banks (AD-I licence by RBI), and Money Changers(Both AD-II and FFMC licence holders).
Can I use an Indian credit/debit card in the USA?
If you were to use an Indian credit/debit card, you’d lose a lot of money in the form of currency conversion fee and card usage abroad charge. Spending money in USA would be much easier with local bank issued credit/credit cards.
What is a foreign currency account in India?
A foreign currency account is an account offered in many banks across India. It is unique because rather than holding the balance in rupees, you hold the money in a foreign currency here in India. The foreign currencies available are going to be dependent on the bank that you use to open.
Can I deposit USD in an NRI account in India?
I assume you are an NRI. You can deposit your USD savings in India, in your NRE or NRO account (though you should prefer NRE as it is tax free and funds are repatriable). You cannot hold a resident bank account in India, after you become NRI as per FEMA.
Can I open a fixed deposit in India with USD?
Yes. Your USD will be converted in to Indian Rupees at the going exchange rate plus nominal expenses. You can then open a fixed deposit and get the same rate as applicable to all other deposits say 7.5\%. Tax will be deducted at applicable rates and when you want to repatriate your money it will be converted at the exchange rate prevailing then.