Abhyudaya Bank is one of the select few Urban Co-operative banks who have been granted AD category I license to deal in all type of Foreign Exchange Business by Reserve Bank of India.

In addition to our own in-house expertise in handling various foreign exchange products, with a view to provide a wide range of services to all our clients, Bank has entered into tie ups with Bank of India,
H. D. F. C. Bank, Development Credit Bank, UAE Exchange & Financial Services Ltd., Thomas Cook and many others for providing Trade Finance Services, Travel related services etc.

We are having a full fledged Forex Treasury to offer competitive exchange rates to all our clients

For prompt and effective communication and also for transferring funds within the country and outside the country with least delay, we are having facilities of SWIFT / RTGS/NEFT.

Although all our branches are authorised to handle all types of forex business including opening and maintenance of Non-Resident Deposit accounts, the following branches have been designated to
handle the forex business independently to offer more prompt and efficient services
 

The Bank is currently offering Foreign Exchange Services from the following branches:  

  5) Pimpri Branch (Pune)
     Sunshine Marts,
     Situated at CTS No. 4840,
     Mumbai Pune Road,
     Opp. Babasaheb Ambedkar Statue,
     Pimpri. Pune – 411 018.
     Tel: 020 – 27426288, 27426889.

  6) Mithakali Branch (Gujarat) :
      Jaymangal House, Block –“B”,
      Opp. Gandhigram Rly. Station,
      Ellisbridge, Ahmedabad–380 009
      Telephone No.: (079) 26589676
       Fax :26580609

  7) Fort Branch
      240, Perin Nariman Street,
      Fort, Mumbai 400 001
      Telephone No. :  22614468, 22611690

The following foreign currency accounts can be maintained by residents in India
Exchange Earners' Foreign Currency (EEFC) Accounts

All categories of resident foreign exchange earners can credit upto 100% of their foreign exchange earnings in non-interest bearing EEFC Current Accounts. Funds held in EEFC accounts can be utilised for all permissible current account transactions and also for approved capital account transactions as specified by Reserve Bank of India from time to time.

No credit facilities are available against the balance outstanding in EEFC account.
Account may be opened jointly with a resident Indian close relative as defined as Section 6 of the Companies Act, 1956 on “former or survivor” basis. However, such resident Indian close relative shall not be eligible to operate the account during the life time of the account holder.

Resident Foreign Currency (RFC) Accounts:-
This scheme is applicable to those NRIs who are returning to India for good and become resident individuals. As per the scheme, a person resident in India may open, hold and maintain with us an RFC account and their foreign currency assets which were held outside India at the time of return can be credited to such accounts. The foreign exchange received as (i) pension or any other superannuation or any other monetary benefits from the employer outside India; (ii) received or acquired as gift or inheritance from a person referred to in Sub-section (4) of Section 6 of FEMA,1999 or (iii) referred to in clause (c) of Section 9 of the Act or acquired as gift or inheritance there from or (iv) received as the proceeds of life insurance policy claims /maturity/surrender values settled in foreign currency from an insurance company in India permitted to undertake life insurance business by the IRDA, may also be credited to this account.

RFC accounts can be maintained in the form of current or savings or term deposit accounts. Accounts can be opened singly or jointly.
The funds in the RFC accounts are free from all restrictions regarding utilisation of foreign currency balances including any restriction on investment outside India
RFC account holder on becoming NRI again is entitled to transfer his / her funds to NRE account.

RFC (Domestic) Accounts:-
A resident individual may open, hold and maintain a Resident Foreign Currency (Domestic) Account (non interest bearing Current Account) out of foreign exchange acquired in the form of currency notes, Bank notes and travellers cheques from any of the sources like, payment for services rendered abroad, as honorarium, gift, services rendered or in settlement of any lawful obligation from any person not resident in India.

The account can also be credited with proceeds of export of goods and/or services, royalty, honorarium, etc., and / or gifts received from close relatives (as defined in the Companies Act)

and repatriated to India through normal banking channels by resident individuals, unspent amount of foreign exchange acquired by him from an authorized dealer for travel abroad.

Account may be opened jointly with a resident Indian close relative as defined as Section 6 of the Companies Act, 1956 on “former or survivor” basis. However, such resident Indian close relative shall not be eligible to operate the account during the life time of the account holder.

There is no ceiling on holding of balances in the account. Balances in the accounts may be utilised for making payments towards current / capital account transactions in accordance with the existing foreign exchange regulations for resident Indians.

NRI SERVICES AND PRODUCTS

Non-Resident Indians may open with us Non-Resident (External) Rupee (NRE) Accounts, Non-Resident (Ordinary) rupee ( NRO) Accounts and Foreign Currency Non-Resident(FCNR)
Accounts with us.

NRE & NRO accounts can be either Savings or Term Deposit accounts or Current accounts. FCNR accounts can be opened only by way of Term Deposit accounts. Presently, FCNR accounts in USD, GBP, and EUR & YEN are opened by us.

NRE & NRO accounts can be opened at all branches and FCNR are opened at the above listed designated branches only.
Entire balance in NRE & FCNR accounts is repatriable abroad at the option of the account holder. Balance in NRO account can be repatriated upto USD one Million or equivalent in other currencies per Financial Year for purposes as permitted by FEMA.

Nomination facility is available for all the accounts.
As per the latest guidelines of RBI, NRIs/Persons of Indian Origin (PIOs) can open NRE & FCNR accounts jointly with their resident close relative as defined in Section 6 of the Companies Act, 1956 on
“former or survivor “basis. The resident close relative shall be eligible to operate the account as a Power of Attorney holder in accordance with the extant instructions during the life time of the
NRI/PIO account holder.

Loans facilities are available against FCNR/NRE/NRO term deposits

NRE & NRO ACCOUNTS :-

Savings Bank Accounts:

Minimum balance: Rs 1000. Interest @ 4 % p.a payable half yearly.

Term Deposit Accounts:

NRE:
Minimum initial deposit is Rs 1000. Period: Minimum 1 year and Maximum 10 years.As per the latest guidelines of RBI, very attractive domestic term deposit interest rates are paid.
No deduction of Income tax on interest.

NRO:
Minimum initial deposit: Rs 1000. Period : Minimum 7 days and Maximum 10 years.
Deduction of Income Tax @ 30.90 on interest payments. Lesser rate is applicable as per the Double Taxation Avoidance Treaty subject to certain conditions.

FOREIGN CURRENCY NON RESIDENT DEPOSIT ACCOUNTS [FCNR – (B)] Only term deposits in USD, GBP, EUR & YEN.

Accounts will be maintained in foreign currency only and hence there is no risk of exchange rate fluctuations.

Minimum Deposit: USD/GBP/EUR: 1000 YEN: 100,000

Period: Minimum 1 year Maximum 5 years, Interest: LIBOR + 125 basis points Interest earned is totally tax free. Automatic renewal facility is permitted.

OTHER GENERAL INFORMATION :
1) Account opening procedure is very simple. Account opening form can be downloaded from our website and after filing it up alongwith necessary documents and initial deposit,
    the same may be forwarded to any of our designated branches listed above
2) Account opening is strictly subject to compliance with our KYC /AML policy.

FOREX REMITTANCE FACILITIES FOR RESIDENT INDIANS
Remittance Services are presently offered at our Foreign Exchange Department at Dadar and 6 other branches. viz. Fort, Andheri, Ghatkopar, Vashi, Pimpri (Pune), &
Mithakhali (Ahmedabad). Foreign Exchange can be released to the residents for following travel related activities:

PRIVATE VISIT (For tourism purposes)
1. Up to USD 10000 or its equivalent thereof in one financial year (1st April to 31st March) for one or more private visits.
2. Foreign Exchange up to USD 10,000/= for private visit can also be released to a person who is availing of foreign exchange for travel outside India for any other purpose

BUSINESS VISIT
Up to USD 25000 or its equivalent thereof per business visit irrespective of the number of days of travel.

TRAVEL FOR INTERNATIONAL CONFERENCES / SEMINARS / TRAININGS
Up to USD 25000 or its equivalent thereof to a resident individual for participation in International Conferences / Seminars / Specialised Training irrespective of duration of the program.

EMPLOYMENT
Up to USD 100,000 or its equivalent thereof. The amount also includes processing / assessment fees for overseas job applications

EMIGRATION
A. Foreign Exchange up to equivalent of USD 1,00,000/-. This amount is only to meet the incidental expenses in the country of emigration. No amount of foreign exchange can be remitted outside India to become eligible or for earning points or credits for immigration.

MEDICAL TREATMENT
Up to an amount of USD 100,000 OR its equivalent or upto the estimate given by the doctor in India or hospital/doctor abroad. A person who has fallen sick after proceeding abroad may also be released foreign exchange for medical treatment outside India

MAINTENANCE EXPENSES
1. Upto equivalent of USD 25,000/- for maintenance expenses of a patient going abroad for medical treatment / checkup abroad.

2. If an attendant accompanies the patient going abroad for medical treatment / check up, foreign exchange upto equivalent of an amount of USD 25,000/- for
    maintenance expenses of the attendant.

EDUCATION ABROAD

1. Up to equivalent of USD 1,00,000 OR the estimate from the institution abroad whichever is higher per academic year. Note:- Students going abroad for studies are treated as Non-Resident Indians (NRIs) and are eligible for all the facilities available to NRIs under FEMA. In addition, they can receive remittances up to USD 100,000 from close relatives (as defined in Section 6 of the Companies Act, 1956) from India on self-declaration, towards maintenance, which could include remittances towards their studies also.

CULTURAL TOURS
1. Dance troupes, artistes, etc., who wish to undertake cultural tours abroad, are required to obtain prior approval from the Ministry of Human Resources Development, Government of India,
    New Delhi.

2. Foreign Exchange will be released on the strength of the sanction from the Ministry of Human Resources and Development (Department of Education and Culture) to the extent
    and subject to the conditions prescribed therein

LIBERALISED REMITTANCE SCHEME (LRS)
All resident individuals are permitted to remit upto USD 2,00,000 or its equivalent in other currencies for any current or capital account transactions or a combination of both. Remittances,
under the Scheme, can also be made towards gift to a person residing outside India or as donation to a charitable / educational / religious / cultural organization outside India.

• Investment by resident individual in overseas companies is permitted upto the limit of USD 2,00,000/-
• Acquisition / holding of immovable property or shares or any other asset outside India.
• Opening / maintenance and holding of foreign currency accounts with a bank outside India for making remittances under the Scheme

GENERAL PROVISIONS APPLICABLE TO ALL TRAVEL RELATED/ MISCELLANEOUS REMITTANCES

1. No release of foreign exchange is admissible for any kind of travel to Nepal and Bhutan or for any transaction with persons resident in Nepal and Bhutan.

2. Payment in Rupees against sale of foreign exchange, cash up to Rupee equivalent of Rs.50,000/- is acceptable. When Rupee equivalent exceeds Rs.50,000/- it should be paid
    by a crossed Cheque drawn on the applicant's bank account, or crossed Cheque drawn on the bank account of the firm / company sponsoring the visit of the applicant,
    or Banker's Cheque / Pay Order/ Demand Draft.

3. Out of the overall foreign exchange being sold to a traveller, exchange in the form of foreign currency notes and coins may be sold up to the limit indicated below:
    a. Travellers proceeding to countries other than Iraq, Libya, Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent
        States not exceeding USD 3000 or its equivalent.
    b. Travellers proceeding to Iraq or Libya, Not exceeding USD 5000 or its equivalent.
    c. Travellers proceeding to Islamic Republic of Iran, Russian Federation and other Republics of Commonwealth of Independent States, full exchange may be released.

Foreign Exchange can be released 60 days in advance from the date of travel. In case the traveler does not undertake the journey, foreign exchange drawn is to be surrendered
immediately to the bank.

Unspent foreign exchange: On his return to India, the traveller is required to surrender the unspent foreign exchange, whether in the form of currency notes or travelers cheques, within 180 days from the date of return. However, a traveller can retain up to USD 2000 or its equivalent, either in the form of currency notes or travelers cheques, for future use. Further, the traveller also has the facility of retaining the entire unspent foreign exchange in his Resident Foreign Currency (Domestic) Account.

There is no restriction on residents holding foreign coins.

If the remittance is made out of Exchange Earners' Foreign Currency (EEFC) / Resident Foreign Currency (RFC) account, then remittance exceeding the Maximum Stipulated Limit is
allowed. No release of foreign exchange is admissible for any kind of travel to Nepal or Bhutan or for any transaction with persons   resident in Nepal and Bhutan.

OUR TRADE RELATED PRODUCTS

Facilities available for Exporters:

Export Packing Credit:

Export Packing Credit to all eligible exporters for procuring raw material / processing / meeting expenses till shipment of goods.
Can be extended either in Indian Rupees or in designated currencies, presently USD / GBP / EURO as per option of the exporter.
Concessional rate of interest and on liberal terms as per RBI directive. Interest rates linked to LIBOR for packing credit in Foreign Currency.
These facilities are extended for a maximum period of production cycle / 180 days or as per RBI directives.

Post-shipment finance:
Post shipment finance to all eligible exporters by purchasing their export sight bills / negotiating their export bills drawn under export L/Cs opened by
foreign banks / discounting their export usance bills. Interest charges are very competitive and linked to LIBOR rates.

Other Facilities Available for Exporters
Handling of export bills on Collection basis.
Facility of opening Exchange Earners Foreign Currency accounts (EEFC) in US dollars / GBP / EURO.
Undertaking hedging the foreign currency exposures by booking Forward Contracts etc.
Advising Export L/Cs received from our foreign correspondents.
Issuance of guarantees on behalf of exporter clients on account of exports out of India.

Facilities available for Importers:
Issuing Import Letters of Credit through a wide network of foreign correspondents, through whom we advise import L/Cs in favour of overseas suppliers through SWIFT channel.
Handling import bills on collection basis. Arranging short term buyers credit for our importer customers. Hedging facilities for foreign currency exposures. Issuing foreign currency bank
guarantees for execution of overseas projects.

For Further Information contact:
Foreign Exchange Department, Gurukrupa CHS Ltd., Opp. Plaza Cinema, Dadar (West), Mumbai 400028, Maharashtra, INDIA
Tel. No. : 24384640, 24384644 Fax. 24384650. Fax :2438 4650
Website: www.abhyudayabank.co.in . E-mail: forex@abhyudayabank.net