The Reserve Bank of India (RBI) has issued the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Sixth Amendment) Regulations, 2025, effective April 29, 2025. This amendment modifies the existing Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2015. The primary change introduced is an extension to the validity period for Diamond Dollar Accounts. Specifically, in Schedule II of the principal regulations, within the Annex titled ‘Application for Opening Diamond Dollar Account/s,’ the term “2 years” has been replaced with “three years.” This adjustment allows eligible entities to maintain Diamond Dollar Accounts for a longer duration.
RESERVE BANK OF INDIA
(FOREIGN EXCHANGE DEPARTMENT)
CENTRAL OFFICE
MUMBAI 400 001
Notification No. FEMA 10 (R)(6)/2025-RB Dated: April 29, 2025
Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Sixth Amendment) Regulations, 2025
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] (hereinafter referred to as ‘the principal regulations’) namely:
1. Short title and commencement:-
(i) These regulations shall be called the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Sixth Amendment) Regulations, 2025.
(ii) They shall come into force with effect from the date of their publication in the Official Gazette.
2. Amendment to Schedule II:
In the Principal Regulations, in Schedule II, in the Annex titled ‘Application for Opening Diamond Dollar Account/s’, in the first paragraph, for the words and figures “2 years”, the words “three years” shall be substituted.
(N. Senthil Kumar)
Chief 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 23.04.2024
