The Reserve Bank of India (RBI) on January 15, 2025, issued the notification regarding the Foreign Exchange Management (Deposit) (Fifth Amendment) Regulations, 2025, to further amend the Foreign Exchange Management (Deposit) Regulations, 2016.
The following has been stated namely: -
• Regulation 9 which states “Transfer of funds between repatriable Rupee accounts” has been inserted.
• Schedule 4 which states “Special Non-Resident Rupee Account – SNRR account” existing paragraph 1 shall be substituted by the following namely: -
“A person resident outside India, having business interest in India, may open a Special Non-Resident Rupee Account (SNRR account), with an authorised dealer in India or its branch outside India for the purpose of putting through permissible current and capital account transactions with a person resident in India in accordance with the rules and regulations framed under the Act, and for putting through any transaction with a person resident outside India.”
The following shall come into force on January 15, 2025.
[Notification No. FEMA 5(R)(5)/2025-RB]
