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of <h1>Indian residents can open foreign currency accounts under FEMA 1999 regulations with prescribed holding limits</h1> The Reserve Bank of India issued regulations under the Foreign Exchange Management Act, 1999, governing foreign currency accounts for Indian residents. These regulations, effective June 1, 2000, establish rules for opening, holding, and maintaining foreign currency accounts, including prescribed limits for amounts that can be held in such accounts by persons resident in India.
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