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The Reserve Bank of India amends the Foreign Exchange Management Regulations of 2015 to include direct listing of equity shares on International Exchanges. A person resident in India holds raised funds in foreign currency accounts outside India. This rule applies to funds raised through External Commercial Borrowings, American Depository Receipts, Global Depository Receipts, or direct listing of equity shares by companies incorporated in India on International Exchanges. The funds stay in the foreign currency accounts pending utilization or repatriation to India. The regulations come into force from the date of publication in the Official Gazette.
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RESERVE BANK OF INDIA (FOREIGN EXCHANGE DEPARTMENT) CENTRAL OFFICE MUMBAI 400 001
No. FEMA. 10(R)(3)/2024-RB
April 23, 2024
Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) (Amendment) Regulations, 2024
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 amendment in the Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015 (Notification No. FEMA10(R)/2015-RB dated January 21, 2016) (hereinafter referred to as 'the Principal Regulations'), namely:-
(Latha Radhakrishnan) General Manager-in-Charge
Foot Note: 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 01.06.2016 G.S.R. No.160(E) dated 27.02.2019
