A.P. (DIR Series) (2003-2004) Circular No.18, dated
20-9-2003,
Issued by Exchange Control Department, RBI
Attention of
Authorised Dealers is invited to Regulation No. 4(3) of Notification No. FEMA
5/2000-RB dated May 3, 2000 in terms of which diplomatic missions and
diplomatic personnel in India are allowed to hold deposits maintained in
foreign currency accounts, subject to the conditions stipulated therein.
2. Reserve Bank has issued Notification No.
FEMA 78/2002-RB dated November 27, 2002 amending Regulation No. 4(3) of the
Notification referred to above, allowing non-diplomatic staff of foreign
embassies, who are the nationals of the concerned foreign countries and hold
official passport, to maintain foreign currency deposit accounts. Accordingly, it will be in order for
Authorised Dealers to allow diplomatic missions, diplomatic personnel and
non-diplomatic staff of foreign embassies, who are the nationals of the
concerned foreign countries and hold official passport, to maintain foreign
currency deposit accounts.
3. Authorised Dealers may bring the
contents of this circular to the notice of their constituents concerned.
4. The directions contained in this
circular have been issued under section 10(4) and section 11(1) of the FEMA,
1999 (42 of 1999).