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of <h1>RBI Amends Forex Management Rules: Joint Accounts for Non-Resident Indians and Residents, New Rupee Deposit Clauses Added</h1> The Reserve Bank of India issued amendments to the Foreign Exchange Management (Deposit) Regulations, 2000. These changes, effective from September 2011, allow joint accounts for non-resident individuals of Indian origin, including accounts with resident close relatives on a 'former or survivor' basis. The resident can operate the account as a Power of Attorney holder. Additionally, new clauses were added to Schedule-3, permitting rupee deposits from non-residents, subject to compliance with existing regulations. The amendments have retrospective effect, ensuring no adverse impact on individuals. These regulations were initially published in 2000 and have been amended multiple times since.
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