Borrowing and lending in rupees: RBI prescribes rules for cross-border rupee transactions between residents and non-residents. The Reserve Bank of India, invoking powers under the Foreign Exchange Management Act, issued a notification establishing a regulatory framework for borrowing and lending in rupees between persons resident in India and persons resident outside India, bringing such cross-border rupee transactions under exchange control and RBI supervision.
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Borrowing and lending in rupees: RBI prescribes rules for cross-border rupee transactions between residents and non-residents.
The Reserve Bank of India, invoking powers under the Foreign Exchange Management Act, issued a notification establishing a regulatory framework for borrowing and lending in rupees between persons resident in India and persons resident outside India, bringing such cross-border rupee transactions under exchange control and RBI supervision.
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