The Reserve Bank of India has, on November 22, 2019, issued a circular bearing number A.P. (DIR Series) Circular No. 9 ("Circular") providing norms for promotion of usage of INR products by person resident outside India. The Circular provides that it has been decided, in consultation with the Government of India, to expand the scope of SNRR Account by permitting person resident outside India to open such account to facilitate rupee denominated ECB, trade credit and trade invoicing and such other activities as specified.
The Circular provides for the expansion of scope of SNRR Account permitting person resident outside India to open such bank accounts for such business activities which have been notified under Foreign Exchange Management (Deposit) (Third Amendment) Regulations, 2019 on November 13, 2019 by RBI listed in for expansion of use of SNRR Account.
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