Eligibility |
|
| 1. |
Branches/Offices in
India of foreign firms/companies/associations. |
| 2. |
Foreign nationals
resident but not permanently resident in India. |
| |
|
|
| Types
of Account |
| |
|
|
| 1. |
Individuals may open: |
| |
|
|
|
a. |
Current Account |
|
b. |
Saving Account |
|
c. |
Fixed Deposit |
| |
|
|
| 2. |
Foreign
firms/companies may maintain current accounts only. |
|
Term deposits with a
maturity not exceeding three months may be opened out of surplus amounts held in the
account.. |
|
|
|
| |
|
|
| Opening
of Account |
| |
|
| 1. |
An undertaking in form QA 22 duly signed by
all the persons who are authorised to operate on the accounts has to be submitted to the
authorised dealer. |
| 2. |
Fresh declarations
should be made in the event of any addition to the list of persons authorised to operate
on the accounts. |
| 3. |
Form QA 22 need not be
completed when accounts are to be opened in the names of: |
|
a. |
Foreign Embassies |
|
b. |
Consulates |
|
c. |
Legations |
|
d. |
Trade Representations |
|
e. |
Foreign Government estabilishments
in India |
|
f. |
United Nations Organisation and
its subsidiary/affiliate bodies in India or their officials in India |
|
g. |
Foreign nationals of non-Indian
origin permanently resident in India |
|
h. |
Foreign nationals of Indian origin
(other than those who are residing in India for employment of specified duration
irrespective of the length thereof or for a specific job or assignement, the duration of
which does not exceed three years) and |
|
i. |
Foreign-born wives of Indian
nationals and of persons of Indian origin resident in India. |
| |
|
|
| Permitted
Debits and Credits |
| |
|
|
| 1. |
It is illegal for
account holders to provide any foreign exchange to other residents through their
non-resident associates against reimbursement provided locally. RBI permission has
to be obtained when doing such activities. |
| |
|
|
| 2. |
QA 22 accounts are
treated as resident accounts and operations thereon are allowed freely, provided credits
to the accounts arise out of sources declared on the form. |
|
|
|
| 3. |
Credits of refund are
allowed when security deposit is paid for: |
| |
|
|
|
a. |
Securing Accommodation |
|
b. |
Reimbursement of vehicle insurance
claims |
|
c. |
Loan repayment by the employees to
the QA 22 account of the Indian branches/offices of foreign companies; when the original
payment was made by debit to concerned QA 22 account. |
| |
|
|
| Loans
against balances held in the account |
| |
|
|
| 1. |
Applications in form LOV
2 have to made for obtaining loans against balances held in the account. |
| |
|
|
| 2. |
Loans/overdrafts shall
not be granted to liasion offices of foreign companies since entire expenses of such
offices are required to be met out of funds remitted from abroad. |
| |
|
|
| Change
of residential status |
| |
|
|
| 1. |
When the account
holder becomes a non-resident, the account may be converted in the Ordinary Non-resident
Rupee account (NRO). |
| |
|
|
| Joint
Accounts |
| |
|
|
| 1. |
Accounts can be open
jointly. |
| |
|
|
| For any
information regarding the QA 22 account, please visit our FAQ section. |
