RBI Announces Steps to Encourage the Use of Indian Rupee and Local Currencies for Settlement of Cross-Border Transactions
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- Last Updated on 19 January, 2025
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Press Release no. 2024-2025/1940; Dated: 16.01.2025
RBI has announced liberalised norms to encourage the use of the Indian Rupee and local/national currencies to settle cross-border transactions. Under the norms, persons resident outside India (PROI) will be able to settle bona fide transactions with other non-residents using the balances in their repatriable INR accounts, such as Special Non-resident Rupee accounts. Also, PROI will be able to use their balances held in repatriable INR accounts for foreign investment in non-debt instruments.
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