Foreign Exchange Management (Foreign Currency Accounts by a person resident in India)(Amendment) Regulations, 2016

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..... nt (Foreign Currency Accounts by a person resident in India) (Amendment) Regulations, 2016 G.S.R. 570(E).-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 amendments in the Foreign Exchange Management (Foreign Currency Accounts by a person resid .....

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..... cy Account with a bank outside India for the purpose of meeting the expenditure incidental to the insurance/reinsurance business carried on by them and for that purpose, credit to such account the insurance/reinsurance premia received by them outside India." C. After the existing sub-regulation (D), the following shall be inserted namely:- "(E) Accounts in respect of Startups An Indian start .....

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..... cation No. G.S.R 180(E) dated February 17, 2016 issued by Department of Industrial Policy and Promotion, Ministry of Commerce and Industry, Government of India." 3. Amendment to Schedule 1 In Paragraph 1, in sub-paragraph (1), after the existing clause (vi), the following shall be inserted namely:- "vii) Payments received in foreign exchange by an Indian startup, or any other entity as may be .....

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