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of <h1>FEMA Amendments: New Forex Account for Foreign Firms, Unlimited Diamond Import Advances, No Interest on EEFC Accounts.</h1> FEMA has issued amendments through three circulars. Circular no. 2, dated July 31, 2008, allows foreign companies with project offices in India to open an additional foreign currency account to mitigate currency exposure. Circular no. 3, dated August 4, 2008, permits advance remittance without limits or guarantees for importing rough diamonds from an expanded list of mining companies. Circular no. 4, dated August 4, 2008, withdraws the facility for earning interest on EEFC accounts effective November 1, 2008, reversing a previous allowance for exporters to earn interest on balances up to $1 million.
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