Exemption of multilateral organisation deposits extended to member organisations and their affiliate bodies, easing account opening requirements. The Foreign Exchange Management (Deposit) Regulations, 2000 have been amended to exempt deposits held with Authorised Dealer Category I banks by any multilateral organisation of which India is a member, and their subsidiary/affiliate bodies and officials in India, thereby aligning these organisations with the prior exemption afforded to the United Nations and its bodies; the amendment was notified via the Foreign Exchange Management (Deposit) (Amendment) Regulations, 2014 and communicated to AD Category I banks, subject to other statutory permissions.
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Provisions expressly mentioned in the judgment/order text.
Exemption of multilateral organisation deposits extended to member organisations and their affiliate bodies, easing account opening requirements.
The Foreign Exchange Management (Deposit) Regulations, 2000 have been amended to exempt deposits held with Authorised Dealer Category I banks by any multilateral organisation of which India is a member, and their subsidiary/affiliate bodies and officials in India, thereby aligning these organisations with the prior exemption afforded to the United Nations and its bodies; the amendment was notified via the Foreign Exchange Management (Deposit) (Amendment) Regulations, 2014 and communicated to AD Category I banks, subject to other statutory permissions.
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