Amendments to Foreign Exchange Regulations 

The Reserve Bank of India introduced certain amendments to the (i) Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instrument) Regulations, 2019 (“Mode of Payment Regulations”), (ii) Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015 (“Currency Accounts Regulations”), and (iii) the Foreign Exchange Management (Deposit) Regulations, 2016 (“Deposit Regulations”). These amendments were all aimed to encourage the use of Indian Rupee in cross border transactions.  

(A detailed understanding of the reforms can be found here.) 

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