Although the undernoted categories of persons, firms, companies, etc. are treated as resident outside India under FERA 1973, by virtue of Reserve Bank Notification No. FERA.7/74-RB dated 1st January 1974 their rupee accounts with authorised dealers in India are regarded as resident accounts and such accounts may be opened and operated upon freely provided QA 22 formalities are complied with (See Part B of Chapter 11).

(a)Indians, Nepalese or Bhutanese resident in Nepal or Bhutan.

(b)Offices and branches situated in Nepal or Bhutan of any business carried on by a company or a corporation incorporated or established under any law in force in India, Nepal or Bhutan.

(c)Offices and branches situated in Nepal or Bhutan of any business carried on as a partnership firm or otherwise by Indians, Nepalese or Bhutanese.