Section 4(4) in The Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2015
(4)There shall be no ceiling on the balances in the account(D)A Unit in a Special Economic Zone (SEZ). - A unit located in a Special Economic Zone may open hold and maintain a Foreign Currency Account with an authorized dealer in India provided that,(a)all foreign exchange funds received by the unit in the Special Economic Zone (SEZ) are credited to such account,(b)no foreign exchange purchased in India against rupees shall be credited to the account without prior permission from the Reserve Bank,(c)the funds held in the account shall be used for bona fide trade transactions of the unit in the SEZ with the person resident in India or otherwise,(d)the balances in the accounts shall be exempt from the restrictions imposed under Rule 5, except item 1(ii) of the Schedule III, of the Government of India Notification No.GSR.381(E) dated May 3, 2000, as amended from time to time.Provided that the funds held in these accounts shall not be lent or made available in any manner to any person or entity resident in India not being a unit in Special Economic Zones.(E)Diamond Dollar Accounts (DDAs). - An Authorized Dealer Category-I bank in India may allow firms and companies who comply with the eligibility criteria stipulated in the Foreign Trade Policy of Government of India, in force from time to time and the directions as may be issued by Reserve Bank of India, from time to time, to open, hold and maintain Diamond Dollar Accounts (DDAs) in India subject to the terms and conditions of the DDA Scheme specified in Schedule II.(F)Exporters. - A person resident in India, being an exporter who has undertaken a construction contract or a turnkey project outside India or who is exporting services or engineering goods from India on deferred payment terms may open, hold and maintain a Foreign Currency Account with a bank in India, provided that -(a)approval as required under the Foreign Exchange Management (Export of goods and services) Regulations, 2015 has been obtained for undertaking the contract/ project/ export of goods or services, and(b)the terms and conditions stipulated in the letter of approval have been duly complied with.(G)Other cases. - (1) The Indian agent of a shipping or an airline company incorporated outside India, may open, hold and maintain a Foreign Currency Account with an authorized dealer in India for meeting the local expenses in India of such airline or shipping company:Provided that the credits to such accounts are only by way of freight or passage fare collections in India or from his principal outside India.
