I resides in India (currency:Rupees).I have my payment from a US based company in dollars.They sent me the amount via Paypal.Paypal converts the payment to rupees while transferring to my Indian bank account.But i just want to keep the money in dollars itself and want to get rid of any kind of conversions.

How can i achieve this ? I am free to open a new bank account .

What is the best advise you folks can give me to keep my foreign currency in my bank account free from any conversion ?

  • Nonresidents of India can open foreign currency accounts in Indian banks where they don't run the risk of the exchange rate being lower when they withdraw the money (as will happen with NRE accounts which are also freely repatriable but are held in Indian rupees). I would suspect that such accounts are not available to Indian citizens residing in India. – Dilip Sarwate May 1 '15 at 12:34
  • So there is no way for an Indian citizen to keep foreign currency ? – Ajith Prakash May 1 '15 at 13:48
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    Have you thought of asking a bank in India whether they offer foreign currency accounts to residents of India? – Dilip Sarwate May 1 '15 at 13:52

As an Indian resident you can open an Resident Foreign Currency Account, i.e. an USD account. This facility is provided by all major banks.

I am not sure if PayPal would transfer money to these accounts or would convert. The alternative is to give this account number along with other Bank details to the company in US and ask them to send money via remittance services.

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