The Reserve Bank of India (RBI) on November 19, 2024, issued the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Fourth Amendment) Regulations, 2024, to further amend the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2015.
This shall come into force on November 21, 2024.
The following has been stated namely: -
• In Regulation 5 which states about Opening, holding, and maintaining a Foreign Currency Account outside India, the explanation to the existing sub-regulation E and in Schedule I of Exchange Earner’s Foreign Currency (EEFC) Account Scheme, the explanation to para 1 (vii) shall be substituted with –
o “Explanation: For the purpose of this sub-regulation a ‘startup’ will mean an entity recognized as a startup by the Department for Promotion of Industry and Internal Trade pursuant to notification number G.S.R. 127(E) dated February 19, 2019, and as amended from time to time.”
[Notification no. - FEMA 10 (R)/(4)/2024-RB]
