{"id":335821,"date":"2024-11-23T14:00:40","date_gmt":"2024-11-23T08:30:40","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=335821"},"modified":"2024-11-23T12:54:10","modified_gmt":"2024-11-23T07:24:10","slug":"reserve-bank-india-vide-foreign-exchange-management-foreign-currency-accounts-amendment-regulations-2024","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2024\/11\/23\/reserve-bank-india-vide-foreign-exchange-management-foreign-currency-accounts-amendment-regulations-2024\/","title":{"rendered":"RBI re-defines &#8216;Startup&#8217; vide Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Fourth Amendment) Regulations, 2024"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"margin-bottom: 3%;\">On 19-11-2024, the Reserve Bank of India notified the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Fourth Amendment) Regulations, 2024 to amend the <a href=\"http:\/\/www.scconline.com\/DocumentLink\/oLVElr48\" target=\"_blank\" rel=\"noopener\">Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2015<\/a>. They came into force on 19-11-2024.<\/p>\n<p style=\"margin-bottom: 3%;\">By way of the amendment, the explanations to Regulation 5 and para 1 (vii) of Schedule I in the 2015 Regulations has been substituted to provide that a &#8216;startup&#8217; will mean an entity that is recognized as a startup by the Department for Promotion of Industry and Internal trade as per Notification number G.S.R. 127(E) dated 19-02-2019.<\/p>\n<p style=\"margin-bottom: 3%;\">Earlier, a &#8216;startup&#8217; meant an entity which complied with the conditions laid down in Notification no. G.S.R. 180(E) dated 17-02-2016 issued by the Department of Industrial Policy and Promotion, Ministry of Commerce and Industry.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p style=\"font-style: italic;\">The 2024 Regulations have amended the meaning of startup in the explanations to Regulation 5 and Schedule I para 1 (vii) of the 2015 Regulations.<\/p>\n","protected":false},"author":67517,"featured_media":323058,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[34031,34030,75526,2611,45039],"class_list":["post-335821","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-foreign-currency-accounts","tag-foreign-exchange-management","tag-fourth-amendment-regulations","tag-RBI","tag-startup"],"yoast_head":"<!-- This site is optimized with 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2020","format":false,"excerpt":"The Foreign Exchange Management (Foreign Exchange Derivative Contracts) (First Amendment) Regulations, 2020. Reserve Bank of India notifies Foreign Exchange Management (Foreign Exchange Derivative Contracts) (First Amendment) Regulations, 2020. 2. Amendments i. In para 2 (Definitions) of the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 (Notification No. FEMA 25\/RB-2000\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":7058,"url":"https:\/\/www.scconline.com\/blog\/post\/2014\/06\/26\/foreign-exchange-management-export-and-import-of-currency-amendment-regulations-2014\/","url_meta":{"origin":335821,"position":5},"title":"Foreign Exchange Management (Export and Import of Currency) (Amendment) Regulations, 2014","author":"Sucheta","date":"June 26, 2014","format":false,"excerpt":"In exercise of the powers conferred by Section 6(3)(g) and Section 47(2) of the Foreign Exchange Management Act, 1999, the Reserve Bank of India made amendments to the Foreign Exchange Management (Export and Import of Currency) Regulations, 2000 by an amendment called Foreign Exchange Management (Export and Import of Currency)\u2026","rel":"","context":"In &quot;Foreign Legislation&quot;","block_context":{"text":"Foreign Legislation","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/foreign\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/335821","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67517"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=335821"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/335821\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/323058"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=335821"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=335821"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=335821"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}