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India: Amendments to foreign exchange management regulations

Amendments relating to foreign currency deposits and accounts

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January 21, 2025

The KPMG member firm in India prepared reports about the following amendments to the foreign exchange management regulations (read more at the hyperlinks provided below).

  • Special non-resident rupee (SNRR) account: Regulation 5(4) of Foreign Exchange Management (Deposit) Regulations, 2016 was amended to allow persons resident outside India to open, hold, and maintain an SNRR account, not only with an authorized dealer in India, but also with a branch of the authorized dealer located outside India. The SNRR account may be used for conducting permissible current and capital account transactions with residents of India and may also be used for transactions with nonresidents. Read a January 2025 report.
  • Exporters permitted to open and hold a foreign currency account with a bank outside India: A new sub regulation has been inserted in Regulation 5 of FEMA 10(R) permitting persons resident in India who are exporters to open, hold, and maintain a foreign currency account with a bank outside India for realization of export receivables, including any export advance for export of goods or services. The funds lying in such bank account can be utilized by exporters for paying their import payables for imports into India or repatriated into India within a period not exceeding the end of the next month from the date of receipt of the fund after adjusting for forward commitments. Read a January 2025 report.

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