RBI Extends Diamond Dollar Account Qualification Period from 2 to 3 Years Under New FEMA Regulation Amendment

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....RBI amends Foreign Exchange Management Regulations, extending Diamond Dollar Account qualification period from 2 to 3 years through the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Sixth Amendment) Regulations, 2025. The amendment modifies Schedule II of the principal regulations, specifically altering the timeframe for Diamond Dollar Account applications. The regulatory change takes effect from the date of official gazette publication, implementing a strategic adjustment to foreign currency account management for residents in India under FEMA provisions.....