Diplomatic deposit exemptions permit specified accounts, controlled credits and debits, and repatriation without Reserve Bank approval. Regulation 4 exempts designated diplomatic, Nepalese and Bhutanese, and multilateral-organisation deposits from the Foreign Exchange Management (Deposit) ... Summary
Diplomatic deposit exemptions permit specified accounts, controlled credits and debits, and repatriation without Reserve Bank approval.
Regulation 4 exempts designated diplomatic, Nepalese and Bhutanese, and multilateral-organisation deposits from the Foreign Exchange Management (Deposit) Regulations, 2016. Diplomatic Bond Stores Accounts are restricted to specified inward-remittance or foreign-currency-account credits and permitted local disbursements or bonded-stock purchases, while allowing repatriation without Reserve Bank approval. Foreign-currency diplomatic accounts may receive inward remittances and specified visa-fee transfers, but funds converted into rupees cannot be reconverted into foreign currency.
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