Foreign Currency Accounts by non-Diplomatic Staff of Foreign Embassies in India Holding Official Passport - FEMA - 018

Foreign Currency Accounts by non-Diplomatic Staff of Foreign Embassies in India Holding Official Passport Reserve Bank of India Exchange Control Department Central office Mumbai - 400 001 A.P.(DIR Series) Circular No.18 September 20, 2003 To All Authorised Dealers in Foreign Exchange Madam/Sirs, Foreign Currency Accounts by non-Diplomatic Staff of Foreign Embassies in India Holding Official Passport Attention of Authorised Dealers is invited to Regulation No.4(3) of Notification No.FEMA 5/2000-RB dated May 3, 2000 in terms of which diplomatic missions and diplomatic personnel in India are allowed to hold deposits maintained in foreign currency accounts, subject to the conditions stipulated therein. 2. Reserve Bank has issued Notification No.FEMA 78/2002-RB dated November 27, 2002 (copy enclosed) amending Regulation No.4(3) of the Notification referred to above, allowing non-diplomatic staff of foreign embassies, who are the nationals of the concerned foreign countries and hold official passport, to maintain foreign currency deposit accounts. Accordingly, it will be in order for Authorised Dealers to allow diplomatic missions, diplomatic personnel and non-diplomatic staff of foreign embassies, who are the nationals of the concerned foreign countries and hold official passport, to maintain foreign currency deposit accounts. 3. Authorised Dealers may bring the contents of this circular to the notice of their constituents concerned. 4. The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the FEMA, 1999 (42 of 1999). Yours faithfully, Grace Koshie Chief General Manager