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of <h1>RBI Amends Regulations: Indians Can Now Open Non-Interest Bearing Resident Foreign Currency Accounts for Foreign Exchange.</h1> The Reserve Bank of India (RBI) has amended regulations to allow individuals residing in India to open and maintain Resident Foreign Currency (Domestic) Accounts with authorized dealers. This account can hold foreign exchange acquired through various means, such as during international travel or as gifts from non-residents. The account is non-interest bearing and can be used for permissible current and capital account transactions. Authorized dealers are instructed to comply with the amended regulations and inform their clients accordingly. These changes are part of the Foreign Exchange Management Act, 1999, and are effective upon publication in the Official Gazette.
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