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of <h1>New RBI Rules Simplify Foreign Exchange Transactions; Payments via Authorized Banks; Special Rules for Nepal, Bhutan, and ACU Members.</h1> The Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023, issued by the Reserve Bank of India, outlines the procedures for financial transactions between residents of India and those outside the country. Effective from its publication date, it supersedes the 2016 regulations. The regulations specify that such transactions should typically occur through an Authorized Bank or Person. Trade transactions with Nepal and Bhutan are in Indian Rupees, while those with ACU member countries follow the ACU mechanism. Non-trade transactions with Nepal and Bhutan are also in Indian Rupees, but transactions with other countries can be in any currency. Payments for current account transactions with visitors to India must be in Indian Rupees.
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