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of <h1>RBI Amends 2000 Regulations: Foreign Residents Can Open Escrow Accounts in INR for Share Acquisitions in India</h1> The Reserve Bank of India issued the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) (Fifth Amendment) Regulations, 2013, effective from its publication date. This amendment to the 2000 regulations allows persons residing outside India to open an Escrow account in Indian Rupees with authorized dealer banks in India. This is for acquiring shares or convertible debentures through open offers, delisting, or exit offers, in compliance with SEBI regulations. The Escrow account can be funded via inward remittance or bank guarantees, adhering to specified terms under the Foreign Exchange Management regulations.
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