Cross-border rupee transactions: exemption for specified resident persons and branches with Nepal and Bhutan permitted. The Reserve Bank directs that the prohibitions in section 3 clauses (b), (c) and (d) of the Foreign Exchange Management Act shall not apply to transactions entered into in Indian rupees by or with: (i) a person who is a citizen of India, Nepal or Bhutan resident in Nepal or Bhutan; (ii) a branch situated in Nepal or Bhutan of a company or corporation incorporated under the laws of India, Nepal or Bhutan; and (iii) a branch in Nepal or Bhutan of a business carried on as a partnership firm or otherwise by a citizen of India, Nepal or Bhutan.
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Cross-border rupee transactions: exemption for specified resident persons and branches with Nepal and Bhutan permitted.
The Reserve Bank directs that the prohibitions in section 3 clauses (b), (c) and (d) of the Foreign Exchange Management Act shall not apply to transactions entered into in Indian rupees by or with: (i) a person who is a citizen of India, Nepal or Bhutan resident in Nepal or Bhutan; (ii) a branch situated in Nepal or Bhutan of a company or corporation incorporated under the laws of India, Nepal or Bhutan; and (iii) a branch in Nepal or Bhutan of a business carried on as a partnership firm or otherwise by a citizen of India, Nepal or Bhutan.
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