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of <h1>RBI Amends Regulations: Foreign Companies' Project Offices Can Open Multiple Foreign Currency Accounts in India, Effective Retroactively</h1> The Reserve Bank of India issued amendments to the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000. These amendments, effective from specified dates, allow authorized dealers in India to permit foreign companies' project offices to open and maintain non-interest bearing foreign currency accounts for projects in India. The amendment further clarifies that multiple foreign currency accounts can be maintained, effective from July 31, 2008. The changes are retrospective, but no adverse effects on individuals are anticipated. The original regulations were published in May 2000 and have been amended multiple times since then.
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