RBI eases fund transfers between repatriable rupee accounts, allows SNRR accounts.

RBI amended Foreign Exchange Management (Deposit) Regulations, 2016 permitting transfer of funds between repatriable Rupee accounts for bona fide transactions. It allowed opening of Special Non-Resident Rupee Account (SNRR) by persons outside India with authorised dealers or their foreign branches for current, capital account transactions with Indian, foreign residents. SNRR account tenure made concurrent to contract/business period. IFSC units permitted to open SNRR accounts with Indian banks outside IFSCs. .....

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