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of <h1>RBI Amends Regulations: Indian Parties Can Now Open Foreign Currency Accounts Abroad for Overseas Direct Investments</h1> The Reserve Bank of India has amended the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000, allowing Indian parties to open and maintain Foreign Currency Accounts (FCA) abroad for overseas direct investments. These accounts must comply with the host country's regulations and are subject to conditions such as eligibility for overseas investments, routing investments through designated accounts, and utilizing remittances for investments. Dividends received must be repatriated to India within 30 days, and account details must be submitted annually. The FCA must be closed within 30 days of disinvestment or cessation of operations.
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