Foreign currency account eligibility expanded to include deputation-based Indian citizens abroad and foreign nationals resident in India. The amendment to Regulation 7(8) broadens eligible persons for foreign currency accounts by substituting the prior phrase limited to foreign nationals resident in India on deputation with wording that also expressly includes Indian citizens employed by a foreign company outside India who are on deputation; the amendment takes effect on publication in the Official Gazette and partially modifies the Principal Regulations under FEMA.
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Provisions expressly mentioned in the judgment/order text.
Foreign currency account eligibility expanded to include deputation-based Indian citizens abroad and foreign nationals resident in India.
The amendment to Regulation 7(8) broadens eligible persons for foreign currency accounts by substituting the prior phrase limited to foreign nationals resident in India on deputation with wording that also expressly includes Indian citizens employed by a foreign company outside India who are on deputation; the amendment takes effect on publication in the Official Gazette and partially modifies the Principal Regulations under FEMA.
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