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of <h1>RBI's 2016 Regulations Define Rules for Resident and Non-Resident Deposits in India; Key Account Types Explained.</h1> The Foreign Exchange Management (Deposit) Regulations, 2016, issued by the Reserve Bank of India, govern deposits between residents and non-residents of India. The regulations, effective from April 1, 2016, replace the previous 2000 regulations. Key provisions include definitions of various account types like NRE, NRO, and FCNR(B) accounts, restrictions on deposits between residents and non-residents, and exemptions for certain diplomatic accounts. The regulations specify conditions for accepting deposits by authorized dealers, banks, and companies, both on repatriation and non-repatriation bases, and outline the permissible credits and debits for different account types.
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