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Reserve Bank of India

In exercise of the powers conferred by section 9 and clause e of subsection 2 of section 47 of the Foreign Exchange Management Act

Issue Date: 29 April 2025 Published: 30 April 2025
Gazette ID: CG-MH-E-30042025-262784 Download PDF
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Core Purpose

Amendment to foreign exchange management regulations concerning foreign currency accounts by a person resident in India, specifically related to Diamond Dollar Accounts.

Detailed Summary

This notification issued by the Reserve Bank of India, Foreign Exchange Department, Central Office, dated April 29, 2025, introduces the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Sixth Amendment) Regulations, 2025. Exercising powers under sections 9 and 47(2)(e) of the Foreign Exchange Management Act, 1999, these regulations amend the principal regulations, 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). The specific amendment occurs in Schedule II of the principal regulations, within the Annex titled 'Application For Opening Diamond Dollar Account/S', where the phrase '2 Years' in the first paragraph is substituted with 'Three Years'. These amendment regulations shall be called the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Sixth Amendment) Regulations, 2025 and come into force from the date of their publication in the Official Gazette. The notification also references the principal regulations' initial publication and subsequent amendments.

Full Text

REGD. No. D. L.-33004/99 The Gazette of India CG-MH-E-30042025-262784 EXTRAORDINARY PART III-Section 4 PUBLISHED BY AUTHORITY No. 324] NEW DELHI, TUESDAY, APRIL 29, 2025/VAISAKHA 9, 1947 RESERVE BANK OF INDIA (Foreign Exchange Department) (CENTRAL OFFICE) NOTIFICATION Mumbai, the 29th April, 2025 Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Sixth Amendment) Regulations, 2025 F. No. FEMA 10 (R)(6)/2025-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. 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 [ADVT.-III/4/Exty./56/2025-26] 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 Notification No. FEMA. 10R(4)/2024-RB dated 21.11.2024 Notification No. FEMA 10(R)(5)/2025-RB dated 14.01.2025

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