Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015 – Opening of Foreign Currency Accounts by Re-insurance and Composite Insurance brokers.
The regulations regarding opening of foreign currency accounts in India by persons resident in India have since been reviewed in consultation with the Government of India. The re-insurance and composite insurance brokers registered with IRDA may open and maintain non-interest bearing foreign currency accounts with an AD bank in India for the purpose of undertaking transactions in the ordinary course of their business.
AD Category – I banks may bring the content to the notice of their constituents and customers concerned.
The directions contained have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.
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