Master Direction on Deposits and Accounts: Opening, holding and maintaining foreign currency accounts by a person resident in India, and Maintenance of deposits/ accounts between a person resident in India and a person resident outside India is regulated as per provisions of Foreign Exchange Management Act (FEMA). To operationalize the regulations as may be necessary, RBI also issues directions to Authorised Persons. Instructions issued on maintenance of deposits and accounts under FEMA have been compiled in this Master Direction. The present amendment in this Master Direction is aimed at consolidating the directions pertaining to Vostro accounts of non-resident banks. Alongside, a reference to the directions related to Special Rupee Vostro Accounts and the Vostro Accounts of Non-Resident Exchange Houses have also been added to the Master Direction. (RBI Master Directions 09/2016 updated on 16/04/2025)