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Corporate Laws Central Ministry of Finance Foreign Exchange Management Act, 1999

Foreign Exchange Management (Deposit) (Fourth Amendment) Regulations, 2024

06-May-2024 | F. No. FEMA 5(R)/(4)/2024-RB

Reserve Bank of India has issued Foreign Exchange Management (Deposit) (Fourth Amendment) Regulations, 2024 effective from 6th May 2024.

By virtue of the amendment, in Regulation 7, after sub-regulation 5, new sub-regulation is inserted stating:-

An authorised dealer in India may allow a person resident outside India to open, hold and maintain an interest-bearing account in Indian Rupees and / or foreign currency for the purpose of posting and collecting margin in India, for a permitted derivative contract entered into by such person in terms of Foreign Exchange Management (Margin for Derivative Contracts) Regulations, 2020, dated October 23, 2020.

For detailed information, please refer to the attached document.

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