Section 4(3) in The Foreign Exchange Management (Deposit) Regulations, 2000
(3)Deposits held in accounts maintained in foreign currency by [diplomatic missions, diplomatic personnel and non-diplomatic staff, who are the nationals of the concerned foreign countries and hold official passport of foreign embassies] in India subject to the following conditions:--(a)[ credits to the account shall be only by way of,- [ Substituted by G.S.R. 442(E), dated 2.6.2009 (w.e.f. 23.6.2009).](i)proceeds of inward remittances received from outside India through normal banking channels; and(ii)transfer of funds, from the rupee account of diplomatic mission in India, which are collected in India as visa fees and credited to such account,](b)funds held in such account if converted in rupees shall not be converted back into foreign currency,(c)the account may be held in the form of current or term deposit account, and in the case of diplomatic personnel [and non-diplomatic staff] [ Inserted by G.S.R. 855(E), dated 27.11.2002 (w.e.f. 31.12.2002).], may also be held in the form of savings account,(d)the rate of interest on savings or term deposits shall be such as may be determined by the authorised dealer maintaining the account,(e)the funds in the account may be repatriated outside India without the approval of Reserve Bank.
