India may amend the Foreign Exchange Management Act to allow foreign investors to raise capital in rupees for international investments.

India may allow foreign investors to raise capital in rupees for overseas investments, aiming to boost international use of the Indian currency. This could enable investments in rupees for countries of strategic interest and aligns with efforts to increase international trade settlement in the local currency and reduce reliance on the US dollar. The plan requires amending the Foreign Exchange Management Act.

August 22, 2024
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