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of <h1>RBI Amends Regulations: Foreign Currency Accounts Can Now Be Credited with Gifts, Export Earnings, and More under Reg 5A.</h1> The Foreign Exchange Management (Foreign Currency Account by a Person Resident in India) (Third Amendment) Regulations, 2003, issued by the Reserve Bank of India, amends the 2000 regulations. Effective upon publication, the amendments include new clauses in Regulation 5A, allowing foreign currency accounts to be credited with gifts from close relatives, earnings from exports, royalties, honorariums, and disinvestment proceeds from conversion of shares to ADRs/GDRs under an approved scheme. Additionally, the Schedule is updated to include disinvestment proceeds in specific circumstances. These changes aim to broaden the scope of permissible credits to such accounts.
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