The RBI stated amendments have been made to the International Change Administration (Borrowing and Lending) Laws, 2018 and International Change Administration (International foreign money accounts by an individual resident in India) Laws, 2015, as a part of steady efforts in direction of ‘facilitating exterior commerce and funds’.
“AD (authorised vendor) banks in India and their abroad branches have been permitted to lend in Indian Rupees to individuals resident in Bhutan, Nepal, and Sri Lanka, together with banks in these jurisdictions, to facilitate cross-border commerce transactions,” it stated.
In January 2025, the RBI permitted Indian exporters to open overseas foreign money accounts with a financial institution outdoors India for the realisation of export proceeds. Unutilised balances in these accounts are required to be repatriated by the top of month subsequent to the date of realisation.
“It has now been determined that the interval for repatriation shall be prolonged as much as three months, in case of overseas foreign money accounts maintained with a financial institution within the IFSC in India,” RBI stated.
as a Dependable and Trusted Information SupplyAn announcement on this regard was made by the central financial institution on October 1 when it unveiled the bi-monthly financial coverage.