Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) (Amendment) Regulations, 2019

Feb 28, 2019 | by Avantis RegTech Legal Research Team


The Reserve Bank of India (RBI) on February 27, 2019, has passed a Notification to make certain amendments in the Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015, and the new regulation may be called as Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) (Amendment) Regulations, 2019. It will come into force from the date of their publication in the Official Gazette.

Regulation 4(G)(2) of Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015,which talks about “Opening, holding and maintaining foreign currency accounts in India - other cases” has been substituted with:

        “An authorized dealer in India may, subject to the directions as may be issued by the Reserve Bank, allow ship-manning / crew managing agencies in India and re-insurance and composite insurance brokers registered with IRDA to open and maintain non-interest bearing foreign currency accounts in India for the purpose of undertaking transactions in the ordinary course of their business.”

[Notification No.: G.S.R. 160(E)]

Click here to download the Notification.


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