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Master Direction - Deposits and Accounts (Updated as on June 23 2016)

FEMA - 14/2015-16 - Dated:- 1-1-2016 - RBI/FED/2015-16/9 FED Master Direction No. 14/2015-16 January 1, 2016 (Updated as on June 23, 2016) (Updated as on May 05, 2016) (Updated as on April 13, 2016) (Updated as on February 4, 2016*) To, All Authorised Dealer Category - I banks and Authorised banks Madam / Sir, Master Direction - Deposits and Accounts Opening, holding and maintaining foreign currency accounts by a person resident in India is regulated in terms of section 9 of the Foreign Exchange .....

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vide 2 Notification No. FEMA 5(R)/2016-RB dated April 1, 2016. These Regulations are amended from time to time to incorporate the changes in the regulatory framework and published through amendment notifications. 2. Within the contours of the Regulations, Reserve Bank of India also issues directions to Authorised Persons under Section 11 of the Foreign Exchange Management Act (FEMA), 1999. These directions lay down the modalities as to how the foreign exchange business has to be conducted by th .....

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016) 4. It may be noted that, whenever necessary, Reserve Bank shall issue directions to Authorised Persons through A.P. (DIR Series) Circulars in regard to any change in the Regulations or the manner in which relative transactions are to be conducted by the Authorised Persons with their customers/ constituents. The Master Direction issued herewith shall be amended suitably simultaneously. Yours faithfully (A K Pandey) Chief General Manager * Since this Master Direction has been significantly am .....

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ing of foreign currency accounts and the limits up to which amounts can be held in such accounts by a person resident in India. These regulations are notified under 4 Notification No. FEMA 10 (R)/2015-RB of January 21, 2016, (FEMA 10 (R)) as amended from time to time. 1.2 A person resident in India who held or maintained a Foreign Currency Account before the commencement of FEMA 10(R) with special or general permission of the Reserve Bank, can continue to maintain the account. 1.3 A person resid .....

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Relative is a person as defined in 5section 2(77) of the Companies Act, 2013. 62.4 A Startup is an entity which complies with the conditions laid down in Notification No. GSR 180(E) dated February 17, 2016 issued by Department of Industrial Policy and Promotion, Ministry of Commerce and Industry, Government of India. 3. Foreign Currency Accounts that can be held in India 3.1 Exchange Earner's Foreign Currency (EEFC) Account - EEFC Account A person resident in India may open an EEFC account .....

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r s fees, consultancy fees, lecture fees, honorarium and similar other earnings received by a professional by rendering services in his individual capacity; e. interest earned on the funds held in the account; f. Re-credit of unutilised foreign currency earlier withdrawn from the account; g. repayment of trade related loans/ advances (which were granted to the account holder's importer customer out of balances held in the EEFC accounts); and h. disinvestment proceeds received by the resident .....

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actions) Regulations, 2000 or Foreign Exchange Management (Current Account Transactions) Rules, 2000, respectively; b. payment in foreign exchange towards cost of goods purchased from a 100 percent Export Oriented Unit or a Unit in an Export Processing Zone/ Software Technology Park/ Electronic Hardware Technology Park; c. payment of customs duty in accordance with the provisions of Export Import Policy; d. trade related loans/ advances, by an exporter account holder to his importer customer out .....

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ies should not be construed as export realisation in foreign exchange and the claim amount will not be an eligible credit to the EEFC account. 6) The sum total of the accruals in the account during a calendar month should be converted into Rupees on or before the last day of the succeeding calendar month after adjusting for utilization of the balances for approved purposes or forward commitments. 7) Fund-based/ non-fund based credit facilities should not be granted against the balances held in E .....

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ed to open a RFC account with an AD bank in India out of foreign exchange received or acquired by him: a. as pension or superannuation benefits or other monetary benefits from his overseas employer; b. by converting assets which were acquired by him when he was a non-resident or inherited from or gifted by a person resident outside India and repatriated to India; c. before July 8, 1947 or any income arising or accruing thereon which is held outside India in pursuance of a general or special perm .....

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such resident Indian relative joint account holder cannot operate the account during the life time of the resident account holder. 4) The balances in the Non-Resident External (NRE) Account and Foreign Currency Bank [FCNR (B)] Account can be credited to the RFC account when the residential status of the non-resident Indian (NRI) 7 or person of Indian origin (PIO) changes to that of a Resident. 3.3 Resident Foreign Currency (Domestic) Account - RFC (D) Account 1) A resident individual may open a .....

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ide India; d. gift from a relative; e. unspent foreign exchange acquired from an authorised person for travel abroad; f. representing the disinvestment proceeds received by the resident account holder on conversion of shares held by him to ADRs/ GDRs under the 8DR Scheme, 2014; g. by way of earnings received as the proceeds of life insurance policy claims/ maturity/ surrender values settled in foreign currency from an insurance company in India permitted to undertake life insurance business by t .....

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any current or capital account transactions in accordance with the provisions of the Foreign Exchange Management (Current Account Transactions) Rules, 2000 or the Foreign Exchange Management (Permissible Capital Account Transactions) Regulations, 2000, respectively. 5) Balances may be credited to NRE/ FCNR (B) Accounts, at the option/ request of the account holders consequent upon change of their residential status from resident to non-resident. 3.4 Diamond Dollar Account (DDA) Scheme - DDA Acco .....

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e of rough, cut and polished diamonds can be made from DDA account. Funds can also be transferred to rupee account of the exporter. The account should be maintained in the form of a non-interest bearing current account. The sum total of the accruals in the account during a calendar month should be converted into Rupees on or before the last day of the succeeding calendar month after adjusting for utilization of the balances for approved purposes or forward commitments. 3.5 Indian agent of shippi .....

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its: Only by way of inward remittances through normal banking channels from the overseas principal. Debits: Towards various expenses in connection with the management of the ships/ crew in the ordinary course of its business. No credit facility (fund based or non-fund based) should be granted against security of funds held in the account. The bank should meet the prescribed Reserve Requirements in respect of such accounts. No EEFC facility should be allowed in respect of the remittances received .....

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ty, 2) The contract under which the project has been sanctioned, specifically provides for payment in foreign currency, 3) Each Project has only one Foreign Currency Account. 4) Debits: a. Payment of project related expenditure. 5) Credits: a. Foreign currency receipts from the Project Sanctioning Authority, and b. Remittances from parent/ Group Company abroad or bilateral/ multilateral international financing agency. 6) The Foreign Currency account should be closed at the completion of the Proj .....

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international Seminars, Conferences, Conventions, etc. - can open temporary foreign currency accounts in India subject to the following conditions: Credits: All inward remittances in foreign currency towards registration fees payable by overseas delegates, grant, sponsorship fees and donations, received from abroad, in connection with the conference, convention, etc Debits: (i) Payment to foreign/ special invitees attending the conference, etc., on the specific invitation of the organisers, towa .....

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outside India or who is exporting services or engineering goods from India on deferred payment terms may open, hold and maintain a Foreign Currency Account with a bank in India, provided that approval as required under the Foreign Exchange Management (Export of goods and services) Regulations, 2015, as amended from time to time has been obtained for undertaking the contract/ project/ export of goods or services, and the terms and conditions stipulated in the letter of approval have been duly co .....

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m the restrictions imposed under Rule 5, of Foreign Exchange Management (Current Account Transaction) Rules, as amended from time to time, except for the use of the balances for gift etc. The funds held in these accounts cannot be lent or made available to any person or entity resident in India not being a unit in Special Economic Zones. 93.11 An Indian company receiving foreign investment under FDI route in terms of Foreign Exchange Management (Transfer or Issue of security by a Person Resident .....

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n a foreign currency account with a bank outside India for carrying on normal business and incidental transactions. a. An authorized dealer in India with its branch/ head office/ correspondent outside India b. A branch outside India of a bank incorporated in India c. An Indian shipping or airline company d. 12Insurance/ reinsurance companies registered with Insurance Regulatory and Development Authority of India (IRDA) to carry out insurance/ reinsurance business. e. An India firm/ c .....

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les and regulations made thereunder. 10On the student s return to India after completion of studies, the account will be deemed to have been opened under the Liberalised Remittance Scheme. 4.3 A person resident in India who is on a visit to a foreign country may open a foreign currency account with a bank outside India during his stay abroad. The balance in the account should be repatriated to India on return of the account holder to India. 4.4 A person going abroad to participate in an exhibiti .....

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subsidiary/ joint venture/ group company in India; b) An Indian citizen, being an employee of a foreign company, on deputation to the office/ branch/ subsidiary/ joint venture/ group company in India c) A foreign citizen resident in India employed with an Indian company; 4.6 An Indian Party [as defined in Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2004, as amended from time to time] may open a foreign currency account abroad for making overseas direct in .....

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ilisation or repatriation to India, be held in deposits in foreign currency accounts with a bank outside India. 154.9 Indian startup, having an overseas subsidiary, may open a foreign currency account with a bank outside India for the purpose of crediting to the account the foreign exchange earnings out of exports/ sales made by the said startup or its overseas subsidiary. The balances held in such accounts, to the extent they represent exports from India, shall be repatriated to India within th .....

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nded from time to time, may be opened, held and maintained in the form of current or savings or term deposit account in cases where the account holder is an individual, and in the form of current account or term deposit account in all other cases. 5.2 The account can be held singly or jointly in the name of person eligible to open, hold and maintain such account. 5.3 On the death of a foreign currency account holder - the authorised dealer with whom the account is held or maintained may remit to .....

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nts by a person resident in India) Regulations, 2015, dated January 21, 2016, (viz., paragraph 4 of Part I of this Master Direction) has to close the account and bring back the proceeds to India through banking channels. Part II - Opening, holding and maintaining accounts in India by a person resident outside India 1. Introduction 1.1 The Foreign Exchange Management Act, 1999 (FEMA) empowers the Reserve Bank to frame regulations to restrict, regulate and prohibit the maintenance of deposits betw .....

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r under sub-section (1) of section 10 of FEMA. 2.3 'Deposit' includes deposit of money with a bank, company, proprietary concern, partnership firm, corporate body, trust or any other person. 2.4 14A Non-resident Indian (NRI) is a person resident outside India who is a citizen of India. 2.5 15 A Person of Indian Origin (PIO) is a person resident outside India who is a citizen of any country other than Bangladesh or Pakistan or such other country as may be specified by the Central Governme .....

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) or (c) Explanation: PIO will include an Overseas Citizen of India cardholder within the meaning of Section 7(A) of the Citizenship Act, 1955. 2.6 Permissible currency is a foreign currency which is freely convertible. 2.7 16 Relative means relative as defined in section 2(77) of the Companies Act, 2013. 2.8 17 As FEM (Deposit) Regulations, 2000 have been repealed and replaced by FEM (Deposit) Regulations, 2016 with effect from April 1, 2016 (FEMA 5(R)), the term NRI, wherever it appeared, has .....

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mbassies in India, subject to the following conditions: The permissible credits to the account will be inward remittances received from outside India through banking channels; and transfer of funds, from the rupee account of the diplomatic mission in India, which are collected in India as visa fees and credited to such account; Funds held in such account if converted in rupees cannot be converted back into foreign currency; The account may be held in the form of current or term deposit account, .....

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tilateral organization and its subsidiary/ affiliate bodies and officials in India, of which India is a member nation. 4. Non-Resident (External) Rupee Account Scheme - (NRE Account): The detailed instructions for opening and maintaining this account are laid down in Schedule 1 to Foreign Exchange Management (Deposit) Regulations, 2016, as amended from time to time. The salient features of the scheme are given below: 4.1 Non-resident Indians (NRIs) and Person of Indian Origin (PIOs) are permitte .....

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n operate the account only as a Power of Attorney holder. 4.4 Inward remittances to the account and remittances outside India from NRE account are permitted. 4.5 Credits permitted to this account as inward remittance are interest accruing on the account, interest on investment, transfer from other NRE/ FCNR(B) accounts, maturity proceeds if such investments were made from this account or through inward remittance. 4.6 The debits allowed from this account are local disbursements, transfer to othe .....

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rity of the funds held in NRE accounts to the account holder/ third party in India, without any limits, subject to the usual margin requirements. The loan cannot be repatriated outside India and shall be used for the following purposes: personal purposes or for carrying on business activities except for the purpose of relending or carrying on agricultural/ plantation activities or for investment in real estate business; making direct investment in India on non-repatriation basis by way of contri .....

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cilities. In case of the loan sanctioned to the account holder, it can be repaid either by adjusting the deposits or through inward remittances from outside India through banking channels or out of balances held in the NRO account of the account holder. 4.8.2 Authorised Dealers may allow their branches/ correspondents outside India to grant loans to or in favour of non-resident depositor or to third parties at the request of depositor for bona fide purpose against the security of funds held in t .....

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account holder, immediately upon the return of the account holder to India for taking up employment or on change in the residential status. 4.10 In the event of the demise of an account holder, balances in the account can be transferred to the non-resident nominee of the deceased account holder. However, request from a resident nominee for remittance of funds outside India for meeting the liabilities, if any, of the deceased account holder or for similar other purposes, should be forwarded to th .....

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rate the account to facilitate such investment. The resident Power of Attorney holder is not allowed to (a) open a NRE account; (b) repatriate outside India funds held in the account other than to the account holder himself; (c) make payment by way of gift to a resident on behalf of the account holder; (d) transfer funds from the account to another NRE account. 4.12 Income from interest on balances standing to the credit of NRE Accounts is exempt from Income Tax. Likewise balances held in such a .....

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nt features of the scheme are given below: 5.1 Non-resident Indians (NRIs) and Persons of Indian Origin (PIOs) are permitted to open and maintain these accounts with authorised dealers and banks authorised by the Reserve Bank to maintain such accounts. Deposits may be accepted in any permissible currency. 5.2 The accounts can be maintained only in the form of fixed deposit. 5.3 Other conditions such as credits/debits, joint accounts, loans / overdrafts, operation by power of attorney etc., as ap .....

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time. The salient features of the scheme are given below: 6.1 Any person resident outside India (as per Section 2 (w) of FEMA), may open and maintain NRO account with an Authorised Dealer or an Authorised Bank for the purpose of putting through bona fide transactions denominated in Indian Rupees. 6.2 Post Offices in India may maintain savings bank accounts in the names of persons resident outside India and allow operations on these accounts subject to the same terms and conditions as are applic .....

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nt has not been credited with any local funds, other than interest accrued thereon. 6.4 Opening of accounts by individuals/ entities of Pakistan nationality/ ownership and entities of Bangladesh ownership requires prior approval of the Reserve Bank. However, individuals of Bangladesh nationality may be allowed to open these accounts subject to the individual/ s holding a valid visa and valid residential permit issued by Foreigner Registration Office (FRO)/ Foreigner Regional Registration Office .....

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its prescribed under the Liberalised Remittance Scheme may be credited to the latter s NRO account. 6.8 The account can be debited for the purpose of local payments, 21transfers to other NRO accounts or remittance of current income abroad. Apart from these, balances in the NRO account cannot be repatriated abroad except by NRIs and PIOs up to USD 1 million, subject to conditions specified in Foreign Exchange Management (Remittance of Assets) Regulations, 222016. Funds can be transferred to NRE a .....

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e, when a resident Indian becomes a person resident outside India, his existing resident account should be designated as NRO account. 6.11 Powers have been delegated to the Authorized Dealers/ Authorised banks to allow operations on an NRO account in terms of a Power of Attorney granted in favour of a resident by the non-resident individual account holder provided such operations are restricted to local payments and remittances to non-residents. 6.12 To facilitate the foreign nationals to collec .....

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ent of the applicable income tax and other taxes in India. The amount repatriated abroad should not exceed USD one million per financial year. The debit to the account should be only for the purpose of repatriation to the account holder s account maintained abroad. The account should be closed immediately after all the dues have been received and repatriated as per the declaration made by the account holder when the account was designated as an NRO account. 6.13 International Credit Cards - Auth .....

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Government of India from time to time. Reserve Bank of India will not issue any instructions under FEMA, clarifying tax issues. It shall be mandatory on the part of Authorised Dealers to comply with the requirement of tax laws, as applicable. 7. 23Special Non-Resident Rupee Account - SNRR account 7.1 Any person resident outside India, having a business interest in India, may open a Special Non-Resident Rupee Account (SNRR account) with an authorised dealer for the purpose of putting through bon .....

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ce with the provisions of the Act, rules and regulations made thereunder. 7.5 The tenure of the SNRR account should be concurrent to the tenure of the contract/ period of operation/ the business of the account holder and in no case should exceed seven years. No operations are permissible in the account after seven years from the date of opening of the account. 7.6 The operations in the SNRR account should not result in the account holder making available foreign exchange to any person resident i .....

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holder, will be credited to NRO account of the nominee with an authorised dealer/ authorised bank in India. 7.11 Opening of SNRR accounts by Pakistan and Bangladesh nationals and entities incorporated in Pakistan and Bangladesh requires prior approval of Reserve Bank. 8. Escrow Account 8.1 Resident or non-resident corporate/ acquirers may open Escrow account in INR with an authorized dealer in India as an Escrow agent subject to the terms and conditions specified in Schedule 245 of the Foreign .....

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from NRIs/PIOs on repatriation basis A company incorporated in India including NBFC registered with the Reserve Bank cannot accept deposits on repatriation basis. It can, however, renew the deposits it had accepted in accordance with Schedule 6 of 25Foreign Exchange Management (Deposit) Regulations), 2016, as amended from time to time. 10. Acceptance of deposits by Indian proprietorship concern/ firm or a company from NRIs or PIOs on non-repatriation basis 10.1 An Indian proprietorship concern/ .....

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5(R)/ 2016-RB dated April 1, 2016. 11. 28Acceptance of deposits by Indian companies from a person resident outside India for nomination as Director Keeping deposits with an Indian company by persons resident outside India, in accordance with section 160 of the Companies Act, 2013, is a current account (payment) transaction and, as such, does not require any approval from Reserve Bank. All refunds of such deposits, arising in the event of selection of the person as director or getting more than .....

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ccount with an authorized dealer for meeting the local expenses in India of such airline or shipping company. The credits permitted to such accounts are only freight or passage fare collections in India or by inward remittances through banking channels from its office outside India. 3012.3 An Authorised Dealer may allow unincorporated joint ventures (UJV) of foreign companies/ entities, with Indian entities, executing a contract in India, to open and maintain non-interest bearing foreign currenc .....

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or the directions issued thereunder. Opening of such accounts by companies/ entities of Pakistan/ Bangladesh ownership/ nationality would require the prior approval of the Reserve Bank. 13. Nomination Authorised dealers may provide nomination facility in respect of the deposits/ accounts in these regulations maintained by individual account holders. 14. Responsibility of authorised dealers maintaining foreign currency accounts:- An authorised dealer maintaining accounts under this Master Directi .....

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4, 2016 4 A.P (DIR Series) Circular No. 59 April 13, 2016 5 A.P (DIR Series) Circular No. 67/2015-16/ [(1)/5(R)] May 5, 2016 1 FEM (Foreign Currency Accounts by a person Resident in India) Regulations, 2000 was repealed and replaced by FEM (Foreign Currency Accounts by a person Resident in India) Regulations, 2015 with effect from January 21, 2016. 2 FEM (Deposit) Regulations, 2000 was repealed and replaced by FEM (Deposit) Regulations, 2016 with effect from April 1, 2016 3 Updated up to April .....

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Accounts by a Person Resident in India) Regulations, 2015 with effect from January 21, 2016. Prior to insertion it read as section 6 of the Companies Act, 1956 . 6Inserted by Amendment Notification No. FEMA 10(R)/(1)/2016-RB notified vide G.S.R.No.570(E) dated June 1, 2016 intimated vide AP (Dir Series) Circular No. 77[(2)/10(R)] dated June 23, 2016. 7 Inserted by FEM (Foreign Currency Accounts by a Person Resident in India) Regulations, 2015 with effect from January 21, 2016. Prior to insertio .....

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Accounts by a Person Resident in India) Regulations, 2015 with effect from January 21, 2016. Prior to insertion it read as ADR/GDR Scheme approved by the Government of India. 11 Inserted by FEM (Foreign Currency Accounts by a Person resident in India) Regulations, 2015 with effect from January 21, 2016. 12Inserted by Amendment Notification No. FEMA 10(R)/(1)/2016-RB notified vide G.S.R.No.570(E) dated June 1, 2016 intimated vide AP (Dir Series) Circular No. 77[(2)/10(R)] dated June 23, 2016. Pr .....

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o. FEMA 10(R)/(1)/2016-RB notified vide G.S.R.No.570(E) dated June 1, 2016 intimated vide AP (Dir Series) Circular No. 77[(2)/10(R)] dated June 23, 2016. 16 Inserted by FEM (Foreign Currency Accounts by a Person Resident in India) Regulations, 2015 with effect from January 21, 2016. 17 FEM (Deposit) Regulations, 2000 was repealed and replaced by FEM (Deposit) Regulations, 2016 with effect from April 1, 2016. 18 Inserted by AP (DIR Series) circular No 67/2015-16/ [(1)/5(R)] dated May 5, 2016 vide .....

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time held Indian passport or (b) he or either of his parents or any of his grandparents was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955; or (c) the person is a spouse of an Indian citizen or a person referred to in (a) or (b). 20 Inserted by AP (DIR Series) circular No 67/2015-16/ [(1)/5(R)] dated May 5, 2016 vide FEMA Notification No. 5(R)/2016-RB dated April 1, 2016. Prior to insertion it read as, section 6 of the Companies Act, 1956. 21 Inserted by A .....

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remature withdrawal of the deposits shall not be available where loans against such deposits are availed of. The term loan shall include all types of fund based/ non-fund based facilities. 23 Inserted by AP (DIR Series) circular No 67/2015-16/ [(1)/5(R)] dated May 5, 2016 vide FEMA Notification No. 5(R)/2016-RB dated April 1, 2016. 24 Inserted by AP (DIR Series) circular No 67/2015-16/ [(1)/5(R)] dated May 5, 2016 vide FEMA Notification No. 5(R)/2016-RB dated April 1, 2016. 25 Inserted by AP (DI .....

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ent Rupee Account - SNRR account 7.1 A Registered Foreign Portfolio Investor (RFPI) may open an SNRR account with an AD in India for routing the receipt and payment relating to purchase and sale of securities under the Portfolio investment scheme in accordance with Foreign Exchange Management (Transfer or issue of security by a person resident outside India) Regulations, 2000, dated May 3, 2000, as amended from time to time. SNRR account shall be a non-interest bearing current account. 7.2 The p .....

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