For young startups, negotiating the bewildering maze of foreign exchange regulations is often daunting. With Indian startups becoming increasingly global and doing business with entities based abroad, startups often need a ready reckoner on how to deal with monetary transactions that span across borders. In order to assist startups with such transactions, the Reserve Bank of India has announced a dedicated helpline to answer queries.
“While seeking guidance, the enterprises should provide complete information to the RBI and mention the specific issues on which they need guidance from the RBI in relation to the Foreign Exchange Management regulations,” the central bank said in a statement. Cross-border transactions in India are subject to the regulatory regime provided by the Foreign Exchange Management Act, 1999.
This would enable the personnel attending the helpline to offer timely and effective information, it said.