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The Reserve Bank of India amends the Foreign Exchange Management regulations to permit specific agencies to maintain non-interest bearing foreign currency accounts in India. An authorized dealer allows ship-manning agencies, crew managing agencies, and insurance brokers to open these accounts. The brokers must register with IRDA. The accounts support transactions in the ordinary course of business. These regulations come into force on the date of publication in the Official Gazette.
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RESERVE BANK OF INDIA FOREIGN EXCHANGE DEPARTMENT CENTRAL OFFICE Mumbai 400 001 February 27, 2019
Notification No. FEMA 10(R)(2)/2019-RB
Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) (Amendment) Regulations, 2019
In exercise of the powers conferred by Section 9 and clause (e) of sub-section (2) of section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India makes the following amendments to the Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015 [Notification No. FEMA 10(R)/2015-RB dated January 21, 2016], namely:
(R K Moolchandani) Chief General Manager
The Principal Regulations were published in the Official Gazette of Government of India – Extraordinary – Part-II, Section 3, Sub-Section (i) dated 21.01.2016 - G.S.R.No.96(E) and subsequently amended as under G.S.R. No.570(E) dated 01.06.2018 G.S.R. No.160(E) dated 27.02.2019
