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This notification amends the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2015. It substitutes the explanation to sub-regulation 5E and para 1(vii) of Schedule I, redefining the term 'startup' to mean an entity recognized as a startup by the Department for Promotion of Industry and Internal Trade pursuant to notification G.S.R. 127(E) dated February 19, 2019, and as amended from time to time. The amendment aims to align the definition of 'startup' with the government's notification for better regulatory compliance and clarity.
This notification amends the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2015. It substitutes the explanation to sub-regulation 5E and para 1(vii) of Schedule I, redefining the term 'startup' to mean an entity recognized as a startup by the Department for Promotion of Industry and Internal Trade pursuant to notification G.S.R. 127(E) dated February 19, 2019, and as amended from time to time. The amendment aims to align the definition of 'startup' with the government's notification for better regulatory compliance and clarity.
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