RBI Amends FEM (Foreign Currency Accounts by Person Resident in India) Regulations to Align It with the Updated Startup Definition
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- Last Updated on 25 November, 2024
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Notification No. FEMA 10 (R)/(4)/2024-RB; Dated: 19.11.2024
The Reserve Bank of Indi has notified Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Fourth Amendment) Regulations, 2024. The amended norms replace the definition of the startup with the revised definition of startups, which was issued by the Department for Promotion of Industry and Internal Trade in 2019.
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