|
RBI/2018-19/167
A.P. (DIR Series) Circular No.29
April
11, 2019
To
All Category - I Authorised
Dealers and Authorised Banks
Madam/Sir
Foreign Exchange Management
(Foreign Currency Accounts by a person resident in India) Regulations, 2015
- Opening of Foreign Currency Accounts by Re-insurance and Composite
Insurance brokers
Attention of Authorised Dealers
(ADs) is invited to the Foreign Exchange Management (Foreign Currency
Accounts by a Person Resident in India) Regulations, 2015, notified
vide Notification No. FEMA 10(R)/2015-RB
dated January 21, 2016, as amended from time to time and the
relevant directions issued thereunder.
2. The extant Regulations
regarding opening of foreign currency accounts in India by persons resident
in India have since been reviewed in consultation with the Government of
India. As notified vide Notification No. FEMA
10(R)(2)/2019-RB dated February 27, 2019, re-insurance and composite
insurance brokers registered with IRDA may open and maintain non-interest
bearing foreign currency accounts with an AD bank in India for the purpose
of undertaking transactions in the ordinary course of their business.
3. AD Category – I banks may
bring the contents of this circular to the notice of their constituents and
customers concerned.
4. The Master Direction No. 14 on Deposits and Accounts, dated
January 1, 2016 is being updated simultaneously to reflect the
changes.
5. The directions contained in
this circular have been issued under sections 10(4) and 11(1) of the
Foreign Exchange Management Act, 1999 (42 of 1999) and are without
prejudice to permissions / approvals, if any, required under any other law.
Yours faithfully
(R. K. Moolchandani)
Chief General Manager
|
