Regulations on non-residents’ accounts revised

0
1352

The Reserve Bank of India (RBI) has issued the Foreign Exchange Management (Deposit) Regulations, 2016, which supersede the Foreign Exchange Management (Deposit) Regulations, 2000. The regulations have effectively made the following key changes:

Woman_outside_London_phone_booth

(1) The definition of a non-resident Indian has been defined to mean a person resident outside India who is a citizen of India. The definition excludes a person of Indian origin (PIO) as opposed to the previous regulation.

(2) The definition of PIO has been elaborated to mean 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 government, who:

You must be a subscriber to read this content, or you can register for free to enjoy the current issue.

该部分内容仅提供予《商法》订阅会员。你可以订阅去解锁所有内容。你也可以免费注册去浏览最新一期的内容。

The business law digest is compiled by Nishith Desai Associates (NDA). NDA is a research-based international law firm with offices in Mumbai, New Delhi, Bangalore, Singapore, Silicon Valley and Munich. It specializes in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner.