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

REGD. No. D. L.-33004/99 The Gazette of India CG-MH-E-23042024-253829 EXTRAORDINARY PART III—Section 4 PUBLISHED BY AUTHORITY No. 274] NEW DELHI, TUESDAY, APRIL 23, 2024/VAISAKHA 3, 1946 2677 GI/2024 (1) THE GAZETTE OF INDIA : EXTRAORDINARY [PART III-SEC.4] RESERVE BANK OF INDIA (Foreign Exchange Department) (Central Office) NOTIFICATION Mumbai, the 19th April, 2024 Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) (Amendment) Regulations, 2024 Notification No. FEMA. 10R(3)/2024-RB.—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. FEMA10(R)/2015-RB dated January 21, 2016) (hereinafter referred to as 'the Principal Regulations'), namely:- 1. Short Title & Commencement (i) These Regulations may be called the Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) (Amendment) Regulations, 2024. (ii) They shall come into force from the date of their publication in the Official Gazette. 2. Amendment to Regulation 5 of the Principal Regulations In sub-regulation (F)(1) of Regulation 5 of the Principal Regulations, the existing provision shall be substituted by the following, namely: "Subject to compliance with the conditions in regard to raising of External Commercial Borrowings (ECB) or raising of resources through American Depository Receipts (ADRs) or Global Depository Receipts (GDRs) or through direct listing of equity shares of companies incorporated in India on International Exchanges, the funds so raised may, pending their utilisation or repatriation to India, be held in foreign currency accounts with a bank outside India." LATHA RADHAKRISHNAN, General Manager-in-Charge [ADVT.-III/4/Exty./043/2024-25] 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. No.160(E) dated 27.02.2019 Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054. MANOJ Digitally signed by MANOJ KUMAR VERMA KUMAR VERMA Date: 2024.04.23 22:33:56 +05'30'