Opening of the foreign currency account in India by ship-manning/crew management agencies.

General Permission is available to ship manning /crew managing agencies that are rendering services to shipping /airlines companies incorporated outside India to maintain a non-interest bearing foreign currency account with an AD- category 1 bank by foreign shipping or airline companies. Credit to such account would be only by way of freight or passage fare collection or inward remittance through normal banking channels from overseas principal. No credit facility shall be granted against security of funds held in such accounts. This foreign currency account will be maintained only during the validity period of the agreement.

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