{"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 ‘Startup’ vide Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Fourth Amendment) Regulations, 2024"},"content":{"rendered":"
\n

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 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

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 ‘startup’ 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

Earlier, a ‘startup’ 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":"

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":"\nRBI re-defines 'Startup' vide FEM (Foreign Currency Accounts by a Person Resident in India) (Fourth Amendment) Regulations, 2024 | SCC Times<\/title>\n<meta name=\"description\" content=\"Reserve Bank of India re-defines 'Startup' vide Foreign 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