Foreign Exchange Management Act (FEMA)

Tax Glossary Definition

Foreign Exchange Management Act (FEMA)

Foreign Currency Account A foreign currency account is a bank account maintained in a currency other than Indian Rupees (INR), often used by residents or non-residents for receiving, holding, or transacting in foreign currencies.

Example: An NRE (Non-Resident External) account maintained by an Indian living abroad is a foreign currency account.

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