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of <h1>RBI Eases Forex Rules for BPOs: Allows Fund Remittance for Overseas Equipment Installation Under FEMA 1999.</h1> The Reserve Bank of India issued a circular allowing BPO companies in India to remit funds for importing and installing equipment at overseas sites for International Call Centres. This decision aims to simplify foreign exchange regulations and provide greater flexibility. Remittances are permitted if the BPO has necessary government approvals, are based on the bank's commercial judgment, and are made directly to the overseas supplier. Banks must obtain a certificate from the BPO's CEO or auditor confirming the equipment's import and installation. These directions are issued under the Foreign Exchange Management Act, 1999, and must be communicated to relevant customers.
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