OPENING OF ACCOUNT BY INDIAN NATIONAL OVERSEAS

Bharat (Querist) 03 June 2011 This query is : Resolved
I would like to know as to if an indian national is entitled to open an account in a foreigh country? If yes, does it attract any RBI approvals prior to opening such account and what are they? availability of forms towards the same etc.

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Guest (Expert) 03 June 2011
Black money depositors in Swiss Bank and other foreign banks would not have got any permission from the RBI. If some foreign bank allows you to open an account overseas, the RBI may not come to resist, as its jurisdiction is within India, Indian money, and also to control foreign exchange coming and going out of India. However, Enforcement Department may question you about the sources of income out of which you make transactions in your overseas account. Better read FEMA to deal with foreign exchange.

M V Gupta (Expert) 05 June 2011
FEMA does not prohibit opening of a bank account by Indian national abroad. But any transactions involving remittance of money from India to the credit of that account or proceeds of any exports made, may need compliance with the provisions of the ACt and the Rules and Regulations made thereunder.

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