Foreign currency accounts: amendment permits such accounts with banks in India as well as outside, expanding permissible locations. The amendment substitutes the phrase 'Foreign Currency Account with a bank outside India' in Regulation 7(5) with 'Foreign Currency Account with a bank outside or in India', thereby permitting persons resident in India to maintain foreign currency accounts with banks located in India as well as with banks located outside India; the change takes effect upon publication in the Official Gazette under powers vested by the Foreign Exchange Management Act.