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of <h1>RBI Updates Foreign Exchange Rules: New Regulations for Resident Foreign Currency Accounts Effective January 21, 2016.</h1> The circular issued by the Reserve Bank of India outlines revised regulations under the Foreign Exchange Management Act, 1999, concerning foreign currency accounts maintained by residents in India. It replaces previous regulations with the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2015. The regulations specify the types of foreign currency accounts that can be opened, such as Exchange Earner's Foreign Currency (EEFC) Accounts, Resident Foreign Currency (RFC) Accounts, and others, detailing conditions for their maintenance. The circular also lists entities eligible to open foreign currency accounts both within and outside India, including units in Special Economic Zones, exporters, and Indian companies receiving foreign direct investment. The new regulations took effect on January 21, 2016.
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