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of <h1>RBI Updates: New Rules Allow Escrow Accounts for Share Purchases Without Prior Approval, Effective May 2, 2011</h1> The Reserve Bank of India issued amendments to the Foreign Exchange Management (Deposit) Regulations, 2000, effective from May 2, 2011. These amendments permit resident and non-resident acquirers to open and maintain Escrow Accounts with authorized dealers in India, without prior RBI approval, for share purchase transactions. The Escrow Accounts, which must comply with Schedule 9 conditions, are non-interest bearing and can be used for receiving and remitting funds related to share transactions. They are operational for a maximum of six months, requiring RBI approval for extensions. Compliance with KYC guidelines is mandatory, and accounts must adhere to SEBI regulations if applicable.
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