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of <h1>RBI Amends Foreign Exchange Regulations: Non-Residents Can Open Rupee Accounts for Stock Purchases Without Prior Approval</h1> The Reserve Bank of India issued the Foreign Exchange Management (Deposit) (Second Amendment) Regulations, 2013, amending the Foreign Exchange Management (Deposit) Regulations, 2000. Effective upon publication, the amendment adds sub-regulation (5) to Regulation 5, allowing non-residents, including Non-Resident Indians, to open a single non-interest bearing Rupee Account with Authorized Dealers in India without prior RBI approval. This account is solely for purchasing shares on recognized stock exchanges, in line with Regulation 10D of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000.
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