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of <h1>Amendment Defines Qualified Foreign Investors, Sets Eligibility Criteria, and Permits Special Rupee Accounts in India</h1> The Foreign Exchange Management (Deposit) (Third Amendment) Regulations, 2012, effective from July 16, 2012, amends Regulations 2 and 5 of the Foreign Exchange Management (Deposit) Regulations, 2000. It introduces the definition of a Qualified Foreign Investor (QFI), specifying criteria for eligibility, including residency in countries compliant with FATF standards and signatories to IOSCO's MMoU. QFIs are prohibited from being registered as Foreign Institutional Investors (FII) or Foreign Venture Capital Investors (FVCI). The amendment allows QFIs to open non-interest-bearing Rupee Accounts in India for transactions related to eligible securities, subject to specific conditions.
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