RESERVE BANK OF INDIA
(Foreign Exchange Department)
Mumbai, the 27th February, 2019
G.S.R. 160(E).—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:—
1. Short Title and Commencement:—
(i) These regulations may be called the Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) (Amendment) Regulations 2019.
(ii) They shall come into force from the date of their publication in the Official Gazette.
2. Amendment to Regulation 4:
In Regulation 4, the existing sub-regulation (G)(2), shall be substituted as follows:—
“(2) An authorized dealer in India may, subject to the directions as may be issued by the Reserve Bank, allow ship-manning / crew managing agencies in India and re-insurance and composite insurance brokers registered with IRDA to open and maintain non-interest bearing foreign currencyaccounts in India for the purpose of undertaking transactions in the ordinary course of their business.”
[No. FEMA 10(R)(2)/2019-RB]
R. K. MOOLCHANDANI, Chief General Manager
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)