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The Reserve Bank of India amends the definition of a startup for foreign currency accounts and the Exchange Earner’s Foreign Currency Account Scheme. The amendment applies to persons resident in India. A startup means an entity that the Department for Promotion of Industry and Internal Trade recognizes under notification number G.S.R. 127(E) dated February 19, 2019. The 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
Notification No. FEMA 10 (R)/(4)/2024-RB
November 19, 2024
Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Fourth 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. FEMA 10(R)/2015-RB dated January 21, 2016 ] namely:-
Amendment to Regulation 5: In Regulation 5, the explanation to the existing sub-regulation E shall be substituted as follows:- “Explanation: For the purpose of this sub-regulation a ‘startup’ will mean an entity recognised 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.”
Amendment to Schedule I of Exchange Earner’s Foreign Currency (EEFC) Account Scheme: The explanation to para 1 (vii) of Schedule I shall be substituted as follows:- “Explanation: For the purpose of this schedule a ‘startup’ will mean an entity recognised 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.”
(N. Senthil Kumar) General Manager
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. 160(E) dated 27.02.2019 Notification No. FEMA. 10R(3)/2024-RB dated April 19, 2024
