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of <h1>RBI Amends Regulations Allowing Non-Diplomatic Embassy Staff to Hold Foreign Currency Accounts Under FEMA Rules.</h1> The Reserve Bank of India has amended regulations to allow non-diplomatic staff of foreign embassies in India, who are nationals of the respective foreign countries and hold official passports, to maintain foreign currency deposit accounts. This amendment is in accordance with Regulation No.4(3) of Notification No.FEMA 5/2000-RB, as modified by Notification No.FEMA 78/2002-RB. Authorized dealers in foreign exchange are instructed to inform their relevant clients about this update. These directions are issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999.
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