RESERVE BANK OF INDIA
FOREIGN EXCHANGE DEPARTMENT
CENTRAL OFFICE
Mumbai 400 001 Notification No. FEMA 5(R)(6)/2026-RB June 18, 2026 Foreign Exchange Management (Deposit) (Sixth Amendment) Regulations, 2026 In exercise of the powers conferred by sub-section (2) of section 6 and sub-section (2) of section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India makes the following amendment in the Foreign Exchange Management (Deposit) Regulations, 2016 (Notification No. FEMA 5 (R)/2016-RB dated April 01, 2016) (hereinafter referred to as 'the principal regulations'), namely:- 1. Short Title and Commencement: - (i)These regulations may be called the Foreign Exchange Management (Deposit) (Sixth Amendment) Regulations, 2026. (ii)They shall come into force from the date of their publication in the Official Gazette. 2. In the principal regulations, in regulation 2, after clause (v), the following shall be inserted namely:- “(v-a) ‘International Financial Services Centre’ or ‘IFSC’ shall have the same meaning as assigned to it in clause (g) of section 3 of the International Financial Services Centres Authority Act, 2019 (50 of 2019).” 3. In the principal regulations, the sub-regulation (4) of regulation 5, shall be substituted by the following namely:- “Any person resident outside India may open, hold and maintain with an authorised dealer in India or its branch outside India (including in an IFSC in India), a Special Non-Resident Rupee Account (SNRR account), specified in Schedule 4.” 4. In the principal regulations, in Schedule 1, in paragraph 3, after clause (j), the following shall be inserted namely:- “(k) Transfer from NRO account within the limit specified in Regulation 4 of Foreign Exchange Management (Remittance of Assets) Regulations, 2016.” 5. In the principal regulations, in Schedule 3, in sub-paragraph (B) of paragraph 3, after clause (iv), the following shall be inserted namely:- “(v) Transfer to NRE or SNRR account within the limit specified in Regulation 4 of Foreign Exchange Management (Remittance of Assets) Regulations, 2016.” 6. In the principal regulations, in Schedule 4, the existing paragraph 1 shall be substituted by the following namely:- A person resident outside India may open a Special Non-Resident Rupee Account (SNRR account), with an authorised dealer in India or its branch outside India (including in an IFSC in India), for the purpose of putting through permissible current and capital account transactions with a person resident in India in accordance with the rules and regulations framed under the Act, and for putting through any bona fide transaction with a person resident outside India. 7. In the principal regulations, in Schedule 4, the existing paragraphs 2,5,6,7,8 shall be deleted. 8. In the principal regulations, in Schedule 4, the existing paragraph 10 shall be substituted by the following namely:- “Transfer from NRO account to SNRR account shall be in accordance with the Schedule 3 of these regulations.” 9. In the principal regulations, in schedule 4, after paragraph 15, the following shall be inserted namely:- “16. Transactions between persons resident outside India involving the SNRR accounts, which may not be subject to compliance under the Act, or the Rules and Regulations framed thereunder, are to be effected by the AD bank based on instructions/mandate from the account holder that shall indicate the underlying purpose of the transfer.” (N Senthil Kumar)
Chief General Manager
The Principal Regulations were published in the Official Gazette of Government of India – Extraordinary – Part-II, Section 3, Sub-Section (i) dated G.S.R. No. 389(E) dated April 1, 2016 and subsequently amended vide the following, namely,- G.S.R. No. 1093(E) dated 09.11.2018 G.S.R. No. 498(E) dated 16.07.2019 Notification No. FEMA 5(R)/(3)/2019-RB dated November 13, 2019 Notification No. FEMA 5(R)/(4)/2024-RB dated May 06, 2024 Notification No. FEMA 5(R) (5)/2025-RB dated January 14, 2025 |