RBI eases INR use in cross-border trade by allowing non-residents to open INR accounts.

The Reserve Bank of India (RBI) has updated its foreign exchange rules to facilitate easier cross-border transactions using the Indian Rupee (INR). The new regulations allow overseas branches of Indian banks to open INR accounts for non-residents, enabling them to settle transactions with residents in India and make foreign investments. Indian exporters can now open foreign currency accounts overseas for trade settlements. These changes aim to promote the use of the INR in international trade.

2 months ago
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