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of <h1>RBI Updates Definition of 'Startup' in Foreign Exchange Regulations 2024, Amends Regulation 5 and Schedule I.</h1> The Reserve Bank of India has issued the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Fourth Amendment) Regulations, 2024. This amendment modifies the Foreign Exchange Management Regulations, 2015, specifically updating the definition of a 'startup' in Regulation 5 and Schedule I of the Exchange Earner's Foreign Currency Account Scheme. A 'startup' is now defined as an entity recognized by the Department for Promotion of Industry and Internal Trade, as per notification G.S.R. 127(E) dated February 19, 2019, and any subsequent amendments. These regulations take effect upon publication in the Official Gazette.
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