RBI Eases Rules for NRIs to Open Overseas Rupee Accounts

Non-Residents Can Now Settle Transactions With Other NRIs Abroad Using The Balances In Their Rupee Accounts

- Gopika Gopakumar

MUMBAI: Non-residents will now be able to open rupee accounts in the overseas branches of India-registered authorised dealer banks and conduct cross-border transactions in rupees as the central bank eased rules in a move aimed at internationalisation 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.