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<h1>RBI amends Foreign Exchange Management Deposit Regulations 2005 allowing designated currency deposits with specified maturity periods</h1> The Reserve Bank of India issued the Foreign Exchange Management (Deposit) (Second Amendment) Regulations, 2005, effective July 26, 2005, under powers conferred by the Foreign Exchange Management Act, 1999. The notification amends Schedule 2 of the 2000 deposit regulations by modifying provisions for designated currencies and account types. The amendment allows deposits in permissible currencies designated by the central bank and restricts accounts to term deposits with maturity periods specified by the bank. The regulations clarify that retrospective application will not adversely affect any person.