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of <h1>RBI's 5th Amendment: Exporters in India Can Open Foreign Currency Accounts Abroad for Export Payments.</h1> The Reserve Bank of India has issued the Fifth Amendment to the Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015. Effective upon publication in the Official Gazette, the amendment allows exporters residing in India to open and maintain foreign currency accounts with banks outside India. These accounts can be used for receiving export payments and advance remittances. Exporters may use the funds for imports or repatriate them to India by the end of the next month, in compliance with Regulation 9 of the Foreign Exchange Management (Export of Goods and Services) Regulations, 2015.
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