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RBI Eases Rules Allowing NRIs To Open Overseas Rupee Accounts
Mint New Delhi
|January 17, 2025
For instance, an NRI in the US can now open a rupee account with New York branch of an authorized dealer bank in India
Non-residents will now be able to open rupee accounts in the overseas branches of India-registered authorized dealer banks and conduct cross-border transactions in rupees as the central bank eased rules in a move aimed at internationalization of the local currency.
The Reserve Bank of India (RBI), in consultation with the Union government, has undertaken a further review of the existing regulations issued under the Foreign Exchange Management Act 1999 (Fema) "to promote cross-border transactions in INR and local and national currencies," said a statement by the central bank on Thursday.
According to these new guidelines, RBI has allowed overseas branches of authorized dealer (AD) banks to open rupee accounts for non-residents for settlement of all current account and capital account transactions with Indian residents. AD banks are those authorized by the RBI to deal in foreign exchange or foreign securities.
This story is from the January 17, 2025 edition of Mint New Delhi.
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