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of <h1>Revised FEMA regulations permit re-insurance brokers to hold non-interest-bearing foreign currency accounts in India. Effective February 27, 2019.</h1> The circular informs all Category-I Authorized Dealers and Banks about the revised regulations under the Foreign Exchange Management Act, 1999, permitting re-insurance and composite insurance brokers registered with the Insurance Regulatory and Development Authority (IRDA) to open and maintain non-interest-bearing foreign currency accounts with authorized banks in India. This change, effective from February 27, 2019, aims to facilitate transactions in the ordinary course of business for these brokers. The Master Direction on Deposits and Accounts is being updated to reflect these changes, and banks are advised to inform their customers accordingly.
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